Singapore Stocks Hit 3-Week High as Banks Rise
The benchmark Straits Times Index (STI) rose 27 points, or 0.5%, to 5,738 in morning trade on Monday, extending gains from the previous session and hitting its highest level since September 8, mainly buoyed by gains in the financial, communication, and tech services sectors. The financial sector gained 0.9%, offsetting concerns over rising global bond yields, with all three local banks advancing: UOB rose 1.6%, OCBC Bank gained 0.6%, and DBS climbed 0.5%. However, traders awaited Singapore’s August industrial output data. Rising oil prices also capped the gains after US President Trump rejected Iran’s proposal to reopen the Strait of Hormuz. Caution also prevailed ahead of the release of China’s PMI data, US jobs data, and the PCE Index due later this week, which could provide clues about the Fed’s interest-rate decision at its upcoming meeting. Other early gainers included Singapore Airlines (1.1%), SATS (1.0%), and Jardine Matheson Holdings (0.7%).
5%, to 5,738 in morning trade on Monday, extending gains from the previous session and hitting its highest level since September 8, mainly buoyed by gains in the financial, communication, and tech services sectors. 5%. However, traders awaited Singapore’s August industrial output data. Rising oil prices also capped the gains after US President Trump rejected Iran’s proposal to reopen the Strait of Hormuz.
Caution also prevailed ahead of the release of China’s PMI data, US jobs data, and the PCE Index due later this week, which could provide clues about the Fed’s interest-rate decision at its upcoming meeting. 7%).