SINGAPORE – Local stocks joined their regional peers to end a volatile week on a slightly positive note as investor anxiety over the banking sector and inflation eased a bit.
The benchmark Straits Times Index (STI) rose just 0.05%, or 1.72 points, to close at 3,258.90 on Friday, but after 2 billion securities worth $1.4 billion changed hands, the Down 346 to 213.
Locally, it was a similar story. Tokyo’s Nikkei 225 was up 0.9%, Hong Kong’s Hang Seng was up 0.5% and Seoul’s He Kospi was up 1%.
Australian shares enjoyed their best week since January, gaining 0.8% on Friday, allowing the index to rise 3.2% for the week and close 2% for the quarter.
The rally was slightly higher after two consecutive up sessions on Wall Street.
Mansur Mohiuddin, chief economist at Bank of Singapore, said credit spreads were tightening in the United States while the dollar was weakening on hopes that the Federal Reserve would go from raising to lower rates later this year. said there is.
Mohi-uddin predicted the US would be hit by a recession this year, saying, “Fed rate hikes and quantitative tightening (QT) could make things worse for smaller US banks struggling to attract deposits. I think it has potential,” he added.
Jardine Cycle and Carriage was the STI’s biggest gainer of the day, rising 2% to $31.28. Tech play Venture Corporation added $17.67 of 1.2% and he’s another top advantage. Both stocks traded on a cum dividend basis.
Sembcorp Marine was the most actively traded, gaining 3.5% to 11.9 cents after 784.8 million shares were traded.
Other high volume counters include Rex International, Genting Singapore and Singtel. business times
https://www.straitstimes.com/business/singapore-stocks-end-week-on-a-high-sti-up-01 Singapore stocks end weekend high, STI gains 0.1%