STI Rises, Pulls Away from 4-Month Low
The Straits Times Index (STI) rose 23 points, or 0.5%, to 5,292 in Thursday morning trade, after being almost flat in the previous session, tracking a rise on Wall Street overnight after Democrats won back control of Congress. The broader index moved away from its lowest level since July 6 touched the previous day, amid disappointing earnings from heavyweight banks. Moderating oil prices also fueled sentiment as inflation concerns and expectations of interest rate hikes eased. Financials, technology services, and consumer services mainly drove the index, with notable gains from DFI Retail Group (4.3%), UOL Group (4.1%), SATS (3.1%), and Singapore Airlines (2.9%). Meanwhile, UOB continued to decline (-2.1%) after posting Q3 net profit that missed market expectations despite soaring 182% yoy. DBS Group shed 0.6% after reporting a 5% yoy drop in net profit. However, traders braced for Q3 earnings reports from banking heavyweight OCBC, which is scheduled to release its results on Friday.
The Straits Times Index (STI) rose 23 points, or 0.5%, to 5,292 in Thursday morning trade, after being almost flat in the previous session, tracking a rise on Wall Street overnight after Democrats won back control of Congress. The broader index moved away from its lowest level since July 6 touched the previous day, amid disappointing earnings from heavyweight banks. Moderating oil prices also fueled sentiment as inflation concerns and expectations of interest rate hikes eased. Financials, technology services, and consumer services mainly drove the index, with notable gains from DFI Retail Group (4.3%), UOL Group (4.1%), SATS (3.1%), and Singapore Airlines (2.9%).
Meanwhile, UOB continued to decline (-2.1%) after posting Q3 net profit that missed market expectations despite soaring 182% yoy. DBS Group shed 0.6% after reporting a 5% yoy drop in net profit. However, traders braced for Q3 earnings reports from banking heavyweight OCBC, which is scheduled to release its results on Friday.