STI Rises 0.4% Prior to US Fed Meeting; Singapore Shares Surge

STI Rises 0.4% Prior to US Fed Meeting; Singapore Shares Surge

13 Dec, 2023

STI Rises 0.4% Prior to US Fed Meeting; Singapore Shares Surge

 

Singapore's stock market showed a positive trend on December 12, anticipating the United States Federal Reserve's pivotal meeting. The benchmark Straits Times Index (STI) recorded a 0.4% increase, climbing 12.11 points to reach 3,102.31.

Among the broader market segments, gainers surpassed losers with a count of 332 to 200, witnessing 1.2 billion shares valued at $862.4 million being traded.

Sembcorp Industries emerged as the leading gainer on the blue-chip barometer, experiencing a 3.3% rise or 16 cents to $5.07. The company recently expanded its renewables portfolio by acquiring Qinzhou Yuanneng Wind Power in China, enhancing its global solar, wind, and energy storage capacity to 12.6 gigawatts.

Genting Singapore, the integrated resorts developer, marked a 1% increase or one cent to $0.985. However, the company faced recent scrutiny after its Resorts World casino was fined $2.25 million for due diligence oversights.

Conversely, Wilmar International, a prominent agribusiness group, led the index's declines by closing down 1.4% or five cents to $3.46.

Singaporean banking stocks had mixed movements: DBS Bank rose by 0.6% or 18 cents to $31.57, UOB increased by 0.9% or 24 cents to $27.68, while OCBC Bank experienced a decline of 0.3% or four cents to $12.50.

Regional markets, including Hong Kong's Hang Seng Index (up 1.1%), Japan's Nikkei 225 (up 0.2%), South Korea's Kospi Composite Index (up 0.4%), Australia's S&P/ASX200 (up 0.5%), and Bursa Malaysia Kuala Lumpur Composite Index (up 0.1%), followed an upward trend, aligning with a positive Wall Street rally.

Market analyst Mr. Yeap Jun Rong highlighted the significance of the upcoming US consumer price index data. He emphasized the Federal Reserve's concern about persistent inflation and its potential implications for policy decisions, indicating a close watch on inflation trends for further policy adjustments.


 

 


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