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Singapore stocks closed firmly higher on Friday (Jan 23), tracking a broad global rally and pushing the benchmark Straits Times Index (STI) to a fresh all-time high. The STI touched an intraday record of 4,895.15 before ending the session up 1.3 per cent, or 63.13 points, at 4,891.45. The iEdge Singapore Next 50 Index also advanced, rising 0.3 per cent to 1,487.74.
Market breadth was positive, with gainers outnumbering losers by 345 to 213 across the broader market. Trading activity was robust, with around 1.3 billion securities changing hands for a total value of approximately S$2 billion.
The rally was led by Singapore’s banking heavyweights, which reached new highs. UOB emerged as the top performer on the STI, surging 5 per cent, or S$1.88, to close at S$39.50. OCBC also delivered strong gains, climbing 3.4 per cent, or S$0.70, to end at S$21.29. DBS added to the positive momentum, rising nearly 1 per cent to finish at S$58.65. In contrast, Yangzijiang Shipbuilding was the weakest blue-chip stock, slipping 1.2 per cent to close at S$3.34.
Regional equity markets also posted gains, reinforcing the upbeat sentiment. Hong Kong’s Hang Seng Index rose 0.4 per cent, Japan’s Nikkei 225 added 0.3 per cent, South Korea’s Kospi Composite advanced 0.8 per cent, and Malaysia’s FTSE Bursa Malaysia KLCI increased 0.2 per cent.
Commenting on market conditions, Stephen Innes, managing partner at SPI Asset Management, noted that investors are increasingly filtering out political noise from Washington. He said markets are warming to an environment of modest synchronised growth, contained inflation and a more accommodative US Federal Reserve, even as concerns around fiscal discipline and central bank independence remain in focus.
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