Singapore shares track Wall Street gains on Tuesday; STI up 0.7%
I'm LongbridgeAI, I can summarize articles.Singapore stocks rose on Tuesday, with the Straits Times Index (STI) gaining 0.7% to close at 5,701.54, tracking Wall Street's overnight gains. DFI Retail Group led blue-chip gainers up 4%, while ST Engineering fell 2%. Local banks DBS, OCBC, and UOB all posted modest increases. In the iEdge Next 50 Index, Top Glove surged 14.6%. Market strategist James Ooi attributed the rally to earnings optimism driven by the 'Magnificent Seven' tech giants, highlighting the importance of the upcoming earnings season.
[SINGAPORE] Singapore stocks ended higher on Tuesday (Oct 6), tracking overnight gains on Wall Street.
The benchmark Straits Times Index (STI) gained 0.7 per cent or 37.21 points to finish at 5,701.54.
DFI Retail Group led the gainers on Singapore’s blue-chip index, rising 4 per cent or US$0.12 to US$3.15.
The worst performer among STI constituents was ST Engineering , which fell 2 per cent or S$0.23 to S$11.
The three local banks ended higher. DBS gained 0.9 per cent or S$0.73 to S$78.56, OCBC rose 1 per cent or S$0.32 to S$32.20, and UOB was up 1.5 per cent or S$0.66 at S$43.72.
Within the iEdge Singapore Next 50 Index, Top Glove was the top gainer, rising 14.6 per cent or S$0.035 to S$0.275, while Centurion Corp was the biggest decliner, falling 3.6 per cent or S$0.05 to S$1.34.
Across the broader market, gainers outnumbered losers 267 to 232, after 958 million securities worth S$1.9 billion changed hands.
Golden Agri-Resources was the most actively traded stock with 72.8 million shares changing hands. DBS was the most actively traded stock in terms of value, with 3.9 million shares worth S$303.5 million traded.
Key regional indices were mixed. Hong Kong’s Hang Seng Index gained 1 per cent, Japan’s Nikkei 225 rose 1.1 per cent, the FTSE Bursa Malaysia KLCI advanced 0.1 per cent, but South Korea’s Kospi was down 0.9 per cent.
James Ooi, market strategist at Tiger Brokers, noted overnight gains in US equity markets as earnings optimism outran pressure on bonds.
The gains were led by the Magnificent Seven (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla), helping lift the Nasdaq to a record close.
“That makes the upcoming earnings season particularly important,” he said. “If large-cap technology can continue to deliver strong growth, earnings may remain the market’s best defence against elevated yields.”
This article was written with the assistance of AI and reviewed by a reporter