Singapore stocks rise post Trump-Xi talks; STI up 0.4%
[SINGAPORE] The local bourse ended Friday (Jun 6) in a positive territory after a call between US President Donald Trump and Chinese President Xi Jinping boosted investors' confidence.
The benchmark Straits Times Index (STI) rose 0.4 per cent or 16.60 points to end at 3,934.29. Across the broader market, gainers beat losers 266 to 205 as 849.5 million securities worth S$1.1 billion changed hands.
Xi and Trump agreed to further dialogue on trade after their call on Thursday evening. Trump said that disputes over rare-earth exports were resolved, and he had accepted China's invitation to visit. Beijing said it had complied with the terms of last month's trade truce. Trump also reversed his stance on Chinese students, welcoming them to study in the US.
Maybank's research team noted in a report on Friday: 'While this may be a positive development for risk, we are also wary that Trump may simply shift his attention to another country instead of China.'
The team expects Trump's trade and tax policy to continue swinging the markets, and highlighted that Trump and Musk's feud on social media offset some equity gains from positive US-China trade developments.
'We hold on to selling US dollar on rally alongside fading US exceptionalism, and a weaker NFP (non-farm payrolls) print would reinforce the narrative that US exceptionalism is indeed fading,' wrote the team.
On the STI, Sembcorp Industries led the gains, up 3 per cent or S$0.20 at S$6.85. SIA was at the bottom of the list, down 1.3 per cent or S$0.09 at S$7.09 on a cum-dividend basis.
The trio of local banks ended the day mixed. OCBC was up 0.3 per cent or S$0.05 at S$16.28. DBS rose 0.2 per cent or S$0.10 at S$45.12. UOB was down 0.1 per cent or S$0.04 at S$35.25 on a cum-dividend basis.
Regional markets closed mixed on Friday. Japan's Nikkei 225 rose 0.5 per cent, while the Bursa Malaysia Kuala Lumpur Composite Index dropped 0.1 per cent. Hong Kong's Hang Seng Index was down 0.5 per cent.
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