Singapore stocks track overnight Wall Street gains on Friday; STI up 0.7%
[SINGAPORE] Local stocks tracked overnight Wall Street gains to end higher on Friday (Jun 27).
The benchmark Straits Times Index (STI) rose 0.7 per cent or 27.74 points to 3,966.2. Across the broader market, gainers outnumbered losers 309 to 202, after 1.8 billion securities worth S$1.4 billion changed hands.
Regional markets were mixed. The Nikkei 225 gained 1.4 per cent, the FTSE Bursa Malaysia KLCI rose 0.6 per cent and the IDX Composite was up 1 per cent.
Meanwhile, the Hang Seng Index fell 0.2 per cent and the Kospi was down 0.8 per cent.
In the US, markets rallied as weaker-than-projected economic data coincided with news that President Donald Trump will announce a new US Federal Reserve chair earlier than expected, said Jose Torres, senior economist at Interactive Brokers.
'The one-two punch of softer activity figures and the new leader of the central bank being named in September or October is bolstering rate cut wagers and sending the yield curve south in bull steepening fashion,' he said.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sign Up
Sign Up
In Singapore, Ministry of Manpower data on Friday showed both job vacancies and unemployment rose in the first quarter of 2025, causing the ratio between them to stay unchanged.
In the equities space, software services provider Info-Tech Systems on Friday launched its initial public offering (IPO) of 24,856,000 shares at S$0.87 each, marking the first Singapore mainboard listing in almost two years.
Japanese telco Nippon Telegraph and Telephone also lodged an initial public offering prospectus to spin off some of its data centres into a Singapore-listed real estate investment trust (S-Reit), marking what is likely to be the largest S-Reit listing in a decade.
On the STI, Hongkong Land is the top gainer, rising 3.4 per cent to US$5.84.
Sembcorp Industries is the biggest decliner, falling 1 per cent to S$6.83.
The local banks ended higher. DBS gained 1 per cent to S$44.86, OCBC rose 0.7 per cent to S$16.35, while UOB was up 0.4 per cent at S$36.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
International Business Times
3 hours ago
- International Business Times
What is Canada's Digital Services Tax and Why It Sparked a Trade War With US?
Trade tensions between the United States and Canada reached a boiling point this week as President Donald Trump abruptly ended trade negotiations in response to Canada's Digital Services Tax (DST). Trump described the tax as "a direct and blatant attack" on American businesses and warned that new tariffs on Canadian goods would be imposed within a week. Canada confirmed it will enforce the DST starting Monday, following months of tense discussions. The tax was introduced under the Trudeau government in June 2024 and applies a 3% levy on revenue earned by large digital firms—particularly those with over €750 million in global revenue and more than $20 million in Canadian digital sales. This move primarily targets major US tech firms like Amazon, Google, Meta, and Uber, with retroactive application to January 2022, creating a US$2 billion bill due by the end of June. Under Canadian law, companies are required to register with the Canada Revenue Agency by January 31, 2025, and file returns by June 30, 2025. Penalties include fines of $20,000 per year for failure to register, and late filing could result in additional financial penalties of up to 5% plus 1% monthly interest. Trump reacted strongly, ending trade discussions and stating on social media that Canada would regret its decision. He asserted, "We have such power over Canada. They were foolish to do it." Trump insisted Canada would eventually retract the tax but made clear he was indifferent to their decision. The tax has long been a sore point for US policymakers who claim it unfairly singles out American digital companies. Industry leaders welcomed Trump's firm approach. Matt Schruers of the Computer & Communications Industry Association praised the administration's move, saying it protected US digital exports from discriminatory treatment. In response to the DST, tech companies have started passing costs to Canadian customers. Google, for example, introduced a "Canada DST Fee" of 2.5% on ads purchased in the country. Despite US pressure, Canada remains resolute. Finance Minister François-Philippe Champagne confirmed the government is moving forward, and Prime Minister Mark Carney stated negotiations will continue but only on Canada's terms. Canada relies heavily on trade with the US, with nearly 80% of its exports heading south. It is also America's top foreign supplier of oil, uranium, steel, and electricity. The highly integrated auto sector could be significantly affected by any new tariffs. This dispute is not isolated. The US had earlier initiated consultations under the US-Mexico-Canada Agreement regarding the DST. Canadian business groups have warned of potential harm to both economies if the situation escalates.
Straits Times
3 hours ago
- Straits Times
G-7 agrees to avoid higher taxes for US companies
US President Donald Trump signed an executive order in January declaring that a landmark 2021 global corporate minimum tax deal was not applicable in the US. PHOTO: NYTIMES LONDON - The United States and the Group of Seven (G-7) nations have agreed to support a proposal that would exempt US companies from some components of an existing global agreement, the G-7 said in a statement on June 28. The group has created a 'side-by-side' system in response to the US administration agreeing to scrap the Section 899 retaliatory tax proposal from President Donald Trump's tax and spending Bill, it said in a statement from Canada, the head of the rolling G-7 presidency. The G-7 said the plan recognises existing US. minimum tax laws and aims to bring more stability to the international tax system. G-7 officials said that they look forward to discussing a solution that is "acceptable and implementable to all". In January, through an executive order, Mr Trump declared that the global corporate minimum tax deal was not applicable in the US, effectively pulling out of the landmark 2021 arrangement negotiated by the Biden administration with nearly 140 countries. He had also vowed to impose a retaliatory tax against countries that imposed taxes on US firms under the 2021 global tax agreement. This tax was considered detrimental to many foreign companies operating in the US. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
3 hours ago
- Straits Times
G7 agrees to avoid higher taxes for US companies
FILE PHOTO: A man walk past the G7 members flags at the Manoir Richelieu before the G7 Foreign Ministers summit in La Malbaie, Quebec, Canada March 12, 2025. REUTERS/Mathieu Belanger/File Photo The United States and the Group of Seven nations have agreed to support a proposal that would exempt U.S. companies from some components of an existing global agreement, the G7 said in a statement on Saturday. The group has created a 'side-by-side' system in response to the U.S. administration agreeing to scrap the Section 899 retaliatory tax proposal from President Donald Trump's tax and spending bill, it said in a statement from Canada, the head of the rolling G7 presidency. The G7 said the plan recognizes existing U.S. minimum tax laws and aims to bring more stability to the international tax system. G7 officials said that they look forward to discussing a solution that is "acceptable and implementable to all" In January, through an executive order, Trump declared that the global corporate minimum tax deal was not applicable in the U.S., effectively pulling out of the landmark 2021 arrangement negotiated by the Biden administration with nearly 140 countries. He had also vowed to impose a retaliatory tax against countries that impose taxes on U.S. firms under the 2021 global tax agreement. This tax was considered detrimental to many foreign companies operating in the U.S. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
