STI Climbs 1.4%, Snapping Five-Day Losing Streak

Local shares joined most of their regional peers to bounce back from a string of sessions in the red, following a robust rally on Wall Street overnight.

The Straits Times Index (STI) rose 1.4 per cent or 43.17 points to close at 3,172.92, with banks among the most effective players.

The broader market reflected the mood, with gainers rocketing ahead of losers 348 to 200 after a hefty 1.5 billion shares worth $1.2 billion changed hands.

Sats ended the day as the top index performer after climbing 5 per cent to close at $2.50.

The local banks made their mark as well after losses earlier in the week. DBS Bank rose 2 per cent, OCBC Bank climbed 1.7 per cent and UOB ended the day up 1.3 per cent.

IG market analyst Yeap Jun Rong noted that institutional investors have been paring their exposure in recent weeks.

He added: “A confirmation break above the 3,170 level may support an up-move to retest the 3,230 level, but a series of resistance may keep any formation of a lower high on watch.”

Just three STI counters ended the day in the red, with Singapore Exchange the top decliner after falling 0.3 per cent to $8.68.

Sembcorp Marine was the most actively traded by volume. The counter closed unchanged at 10.5 cents, after 317.1 million shares were traded.

Markets in the region mostly rebounded from Tuesday’s losses after a buoyant session on Wall Street, where the S&P 500 closed 1.7 per cent higher, the tech-heavy Nasdaq rose 2.1 per cent and the Dow Jones Industrial Average gained 1 per cent.

Hong Kong’s Hang Seng Index rose 1.5 per cent, South Korea’s Kospi gained 1.3 per cent, the Shanghai Composite climbed 0.6 per cent but Japan’s Nikkei 225 ended the day flat. Australian shares closed 0.9 per cent higher, with tech company leading gains across the board. – The Business Times

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