Singapore shares edged up on Monday (Jan 15) along with most regional key bourses, as investors turned risk-on despite higher-than-expected inflation data from the United States last week.
The Straits Times Index (STI) rose 7.7 points or 0.2 per cent to 3,199.42 points.
This week is set up for welcome relief, but this is not to be mistaken for unfettered rejoicing, said chief economist for Asia (excluding Japan) at Mizuho Bank, Vishnu Varathan.
He noted that investors are focusing on the lower-than-expected US producer prices data as they temper the pushback against premature pivot bets by speeches from Federal Reserve officials, as well as US inflation that surprised on the upside. That set “risk-on” in motion.
Across the broader market in Singapore, advancers beat decliners 250 to 244. Total trading value, at S$668.8 million, was low, on a volume of 968.9 million securities, The Business Times reported.
Shares of AEM Holdings : AWX -8.82% plunged 8.8 per cent to S$3.10, with about 11 million shares transacted, a day after the semiconductor equipment maker disclosed a shortfall of 5 to 7 per cent from its last reported inventories of S$358.6 million as at end-September. The overstatement would have “a negative impact” on profitability in FY2023, AEM said.
Jiutian Chemical : C8R +23.08%shares were 23.1 per cent higher at S$0.032 at the closing bell, after it proposed on Saturday a 1.6 billion yuan (S$304.9 million) investment to diversify into synthetic ammonia. The Catalist-listed maker of dimethylformamide and methylamine was also the second-most traded stock, with a trading volume of 77.8 million shares.
