Singapore stocks close Wednesday higher amid regional gains; STI up 0.2%
Speculations over a call between US President Donald Trump and China President Xi Jinping sometime this week to ease trade tensions added to the upbeat mood, although ramped-up tariffs on aluminium and steel US imports added trade uncertainty.
The benchmark Straits Times Index (STI) rose 0.2 per cent or 9.5 points to 3,903.88.
In the broader market, gainers beat losers 311 to 163 as one billion securities worth S$1.2 billion changed hands.
South Korea's Kospi led the region's gains, up 2.7 per cent after liberal candidate Lee Jae-myung won the presidency, ending months of political paralysis in the country.
Hong Kong's Hang Seng Index increased 0.6 per cent. Japan's Nikkei 225 gained 0.8 per cent, while the Bursa Malaysia Kuala Lumpur Composite Index rose 0.3 per cent.
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Meanwhile, investors await Singapore's April retail sales data to be released on Thursday.
UOB's Q3 outlook report published on Wednesday projects Singapore's economic growth in 2025 to moderate to 1.7 per cent, on a 'much weaker' second half-year as front-loading momentum dissipates.
'Payback from the earlier front-loading could result in a more protracted downturn in manufacturing and trade-related services into 2026, and we forecast GDP growth to slow further to 1.4 per cent,' noted UOB's global economics and market research team.
On the STI, UOL led the gains, up 2.7 per cent or S$0.16 to S$6.02. Jardine Matheson was at the bottom of the list, down 2.3 per cent or US$1.02 to US$43.45.
The trio of local banks ended Wednesday mixed. DBS went up 0.5 per cent or S$0.21 to S$45.01, and OCBC gained 0.4 per cent or S$0.07 at S$16.23. UOB was down 0.1 per cent or S$0.03 to S$35.30 on a cum dividend basis.
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