Singapore stocks recorded their first day of gains in this new year amid a rally across regional markets.
The Straits Times Index (STI) climbed 1.6 per cent or 50.2 points to 3,292.66. Across the broader market, gainers beat losers 335 to 206, after 1.2 billion shares worth S$1.4 billion changed hands.
This comes as Singapore retail sales rose 6.2 per cent year on year in November. On a month-on-month, seasonally adjusted basis, retail sales fell 3.7 per cent, reversing the 0.1 per cent growth posted in October, The Business times cited.
IG market analyst Yeap Jun Rong noted that in the minutes of the December meeting of the US Federal Reserve released overnight, officials put on a “tough front” to show the central bank’s commitment to fighting inflation.
Despite this, markets continue to price in a more dovish Fed, as investors see ambiguity in the Fed’s terminal rate. “That leaves the risk of further pushback from policymakers on the table,” Yeap added.
Regional markets were also in the black on Thursday (Jan 5). The Hang Seng Index climbed 1.3 per cent, the Kuala Lumpur Composite Index gained 0.8 per cent, and both Japan’s Nikkei 225 and South Korea’s Kospi rose 0.4 per cent.
The top performer on the STI was Jardine Matheson Holdings : J36 +4%. The company gained 4 per cent or US$2.04 to close at US$53.
At the bottom of the table was Emperador : EMI -1.94%, which fell 1.9 per cent or S$0.01 to close at S$0.505.
