Singapore: Market surges on upbeat global cues

11 Nov 2022 , 05:13 PM

The Singapore stock market finished session sharply higher on Friday, 11 November 2022, as U.S. inflation data came in cooler than expected, raising market hopes of a peak in consumer prices that could temper the Federal Reserves aggressive monetary tightening campaign. Meanwhile, China COVID news gave an additional leg up to risk sentiment. Chinese health authorities eased some of the countrys heavy COVID-19 curbs, including shortening quarantine times for close contacts of cases and inbound travellers. At closing bell, the Straits Times Index (STI) index advanced 55.15 points or 1.74% to 3,228.33 after trading between 3,211.20 and 3,238.07. Volume was 2.14 billion shares worth S$1.93 billion. There were 443 gainers and 180 decliners. Yangzijiang Shipbuilding, an investment holding company, engages in the shipbuilding activities in the Peoples Republic of China, was the top performer among Singapores blue-chip stocks, gaining 7.8% to S$1.38. At the bottom of the table was Jardine Cycle & Carriage, an investment holding company, engages in the automotive, financial services, heavy equipment, mining etc, fell 2.8% to S$30.25. Local lenders were higher. DBS added 0.7% to S$34.79, OCBC Bank rose 0.2% to end at S$12.27. UOB climbed 1% to S$29.50. Singapore real estate investment trusts, or S-Reits, were broadly higher on expectations that inflation is being controlled and the US interest rates cycle could ease in the next few months. Asian markets were higher on Friday, as appetite for risk assets underpinned after cooler-than-expected U.S. inflation data in October and as China trims quarantine period. Japans 225-issue Nikkei Stock Average index surged 817.47 points, or 2.96%, to 28,263.57. Chinas Shanghai Composite Index surged 1.68%, or 51.16 points, to 3,087.29. Hong Kongs Hang Seng Index spurted 1,244.62 points, or 7.74%, to 17,325.66.Powered by Capital Market – Live News