Singapore shares closed higher on Sept 25, as gains in the three local banks helped the market rebound from the previous session’s decline despite continued concerns over elevated global bond yields and oil prices.
The benchmark Straits Times Index (STI) gained 0.48% to 5,710.65, ending the week on firmer ground.
Banking heavyweights provided the main support. OCBC led gains among the lenders, rising 1.3% to S$32.01, while DBS advanced 0.7% to S$78 and UOB added 0.2% to S$42.57.
The gains came as Asian markets remained relatively resilient despite a sharp sell-off in global bonds. Longer-dated US Treasury yields climbed to around two-decade highs, raising borrowing-cost and equity-valuation concerns, while Brent crude remained above US$100 a barrel despite easing during the session.
Sentiment also remained cautious amid inflation concerns and expectations that the US Federal Reserve could tighten monetary policy further.
Among individual counters, Frasers Centrepoint Trust was the weakest STI constituent, falling 1.4% to S$2.05. In the broader iEdge Singapore Next 50 Index, Boustead Singapore climbed 2.8% to S$1.86, while Top Glove fell 4.1% to S$0.235.
Market breadth remained negative despite the STI’s advance, with 275 decliners against 232 gainers. About 1.2 billion securities worth S$1.7 billion changed hands.
