Singapore shares rise as trade tensions between China and US ease; STI up 0.1%
[SINGAPORE] Singapore stocks rose on Thursday (Jun 12), amid the world's two largest economies agreeing to de-escalate trade tensions.
The blue-chip Straits Times Index (STI) closed 0.1 per cent or 3.15 points higher at 3,922.2.
Across the broader market, gainers beat decliners 252 to 236 as 1.3 billion securities worth S$1.2 billion changed hands.
The top gainer on the STI was Jardine Matheson , which advanced 1.9 per cent or US$0.85 to US$44.64.
The trio of local banks ended the day lower. DBS was down 0.4 per cent or S$0.20 at S$44.67, UOB fell 0.1 per cent or S$0.03 to S$35.09, and OCBC shed 0.1 per cent or S$0.02 to end at S$16.14.
The biggest loser on the index was inflight caterer Sats , which lost 1.3 per cent or S$0.04 to finish at S$3.11.
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Across Asia, major indices were mixed. South Korea's Kospi rose 0.5 per cent and the Bursa Malaysia Kuala Lumpur Composite Index gained 0.2 per cent.
Meanwhile, Japan's Nikkei 225 fell 0.7 per cent and Hong Kong's Hang Seng Index lost 1.4 per cent.
Jose Torres, a senior economist at Interactive Brokers, said: 'Markets are soaring following a lighter-than-anticipated consumer price index report that is quelling fears about tariff-related inflation and boosting enthusiasm that the (US Federal Reserve) will cut rates in the next two or three meetings.'
He added that bulls are energised by a de-escalation in trade tensions between Beijing and Washington, with American President Donald Trump remarking on Wednesday morning that the relationship between the two economies is 'excellent'.
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