Singapore stocks rebounds on Tuesday; STI up 0.4%

[SINGAPORE] Singapore stocks ended higher on Tuesday (Mar 24), amid mixed results from regional peers.The benchmark Straits Times Index (STI) gained 0.4 per cent or 21.13 points to finish at 4,862.43. Meanwhile, the iEdge Singapore Next 50 Index lost 2.4 per cent or 34.98 points to 1,431.Across the broader market, gainers beat losers 400 to 181, after 1.6 billion securities worth S$1.8 billion changed hands.DFI Retail Group led the gainers on Singapore’s blue-chip index, rising 4.3 per cent or US$0.18 to end at US$4.38.The worst performer among STI constituents was Wilmar International, falling 1.9 per cent or S$0.07 to S$3.64.The three local banks ended mixed on Tuesday. DBS rose 0.4 per cent or S$0.21 to S$56.63 and OCBC was up 0.8 per cent or S$0.16 at S$21.16, while UOB finished 0.1 per cent or S$0.02 lower at S$36.36.Within the iEdge Singapore Next 50 Index, Hong Leong Asia was the top gainer, rising 4.5 per cent or S$0.12 to finish at S$2.78, while China Aviation Oil was the top loser, declining 3.7 per cent or S$0.08 to S$2.08.Key regional indices were mixed. Hong Kong’s Hang Seng Index gained 2.8 per cent, Japan’s Nikkei 225 index rose 1.4 per cent and South Korea’s Kospi was up 2.7 per cent. However, the FTSE Bursa Malaysia KLCI declined 0.7 per cent.Investors are now piling into “Trump always chicken out” (Taco) trades as President Donald Trump appears to have tilted into deal mode posture, said Jose Torres, senior economist at Interactive Brokers.The postponement of attacks against Iranian energy production facilities are leading investors to consider a potential end to the conflict in the Middle East even as Iran denies any dialogue.The market outlook had darkened after analysts dialled up slowdown risks while considering a reversal from the Federal Reserve’s easing cycle towards hikes.“But now overall prospects have improved, and speculative enthusiasm is back, with every major equity benchmark and all 11 sectors, along with subcategories, gaining while fixed-income assets also advance,” said Torres.Article Resource: The Business Times