Singapore shares eked out a modest gain on Sept 11, bucking a broader regional sell-off as strength in heavyweight banks helped offset cautious sentiment fuelled by elevated oil prices and Middle East tensions.
The Straits Times Index (STI) rose 0.08% to 5,694.02 points, even as most major Asian markets finished lower. Surging crude prices during the week had revived inflation concerns and pressured risk appetite across the region.
Banking stocks provided support to the local benchmark. OCBC and UOB gained about 0.7% each, while DBS added 0.3%, helping Singapore outperform regional peers including Japan, South Korea, Hong Kong and Malaysia.
Elsewhere among blue chips, DFI Retail Group fell 3.1%, making it one of the STI’s weakest performers.
Market breadth remained cautious despite the benchmark’s gain, with 340 declining counters versus 215 advancers. About 1.1 billion securities worth S$1.5 billion changed hands.
Investors remained focused on oil prices and inflation risks, with Brent crude staying above US$100 a barrel amid disruptions and geopolitical tensions in the Middle East, raising concerns over the outlook for global interest rates.
