Singapore shares continue winning streak; STI up 0.7%
SINGAPORE – The winning streak continues apace for local shares, with the bourse up for the fourth day straight on July 17.
Investors clearly have the bit between their teeth given yet another bumper close for the benchmark Straits Times Index (STI), this time rising 0.7 per cent or 29.18 points to 4,161.43.
Gainers left losers in the dust to the tune of 358 to 198 on trade of 1.9 billion securities worth $1.4 billion.
DFI Retail Group led the STI winners, surging 4 per cent to US$3.12, while Thai Beverage was at the bottom of the table, down 1.1 per cent to 47 cents.
Singtel was the most actively traded by volume, with 35.5 million shares done. The counter, which was trading on a cum-dividend basis, gained 3 per cent to $4.17.
The STI's rise reflected a positive session both on Wall Street and most regional markets after US President Donald Trump backtracked on reports that he was planning to fire Federal Reserve chair Jerome Powell. The two have clashed over the pace of interest-rate cuts.
US shares fell early on but rebounded on that Trump backtrack. The Dow Industrials added 0.5 per cent, the S&P 500 advanced 0.3 per cent and the Nasdaq rose 0.3 per cent to close at its third-straight record.
Top stories
Swipe. Select. Stay informed.
Singapore Fatal abuse of Myanmar maid in Bishan: Traffic Police officer sentenced to 10 years' jail
Singapore Man charged over manufacturing DIY Kpods at Yishun home; first such case in Singapore
Singapore HSA launches anti-vaping checks near 5 institutes of higher learning
Business 5 things to know about Kuok Hui Kwong, tycoon Robert Kuok's daughter and Shangri-La Asia head honcho
Singapore Jail for elderly man for using knife to slash neighbour, who later died of heart disease
Singapore $7,000 fine for eatery chain involved in ByteDance food poisoning case
World UK to lower voting age to 16 in landmark electoral reform
Opinion Grab tried to disrupt taxis. It now wants to save them
Regional bourses mostly rose. Japan's Nikkei 225 added 0.6 per cent, South Korea's Kospi advanced 0.2 per cent and the ASX 200 in Australia gained 0.9 per cent for its best day in three weeks.
Market fluctuations showed that Mr Trump's attempt to challenge the Fed's independence was not welcome, said Mr Vishnu Varathan at Mizuho Securities.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
27 minutes ago
- Straits Times
Dow advances, S&P 500 logs new record with boost from tariff pacts
Find out what's new on ST website and app. Traders working on the floor of the New York Stock Exchange on July 23, in New York City. NEW YORK - Wall Street stocks advanced on July 23 with the Dow logging strong gains and the S&P 500 closing at a record for the third time in a row after the United States unveiled more tariff deals. The Dow Jones Industrial Average added 1.1 per cent to 45,010.29, while the broad-based S&P 500 Index bounced 0.8 per cent to 6,358.91. The tech-focused Nasdaq Composite Index climbed 0.6 per cent to 21,020.02. The gains came after President Donald Trump announced on July 22 that Washington had reached tariff agreements with Japan and the Philippines, and as officials signalled optimism in trade talks with the European Union. German Chancellor Friedrich Merz voiced optimism that EU and United States negotiators are making progress in talks to resolve a transatlantic trade row. Several EU diplomats also said the bloc was examining a US proposal involving a baseline tariff of 15 per cent and sectoral carve-outs still to be decided. An ongoing wave of company earnings reports also helped buoy major US indexes. For the most part, 'companies are saying that they can deal with tariffs at the levels they're at,' shift supply chains or cope with modest price increases, said Mr Pat Donlon, of Fiduciary Trust Company. 'It will be interesting to see, though, some of the consumer discretionary companies that are more exposed to production in China, Vietnam, Malaysia, South Asia that report later in earnings season,' he said. AFP
Straits Times
27 minutes ago
- Straits Times
US approves $400m in arms sales to Ukraine
Find out what's new on ST website and app. Ukrainian servicemen fire an M101 howitzer towards Russian troops, at a position in Ukraine's Kharkiv region. WASHINGTON - The United States on July 23 announced the approval of US$322 million (S$411 million) in arms sales to bolster Ukraine's air defences and its armoured combat vehicles. The announcement of the sales comes after Washington temporarily halted some weapons shipments to Ukraine earlier this month even as Kyiv faced heavy Russian missile and drone attacks. The sale of Hawk air defence equipment and sustainment will cost up to US$172 million, while Bradley Infantry Fighting Vehicle equipment and services will total up to US$150 million, the US Defence Security Cooperation Agency (DSCA) said. The proposed Hawk equipment sale 'will improve Ukraine's capability to meet current and future threats by further equipping it to conduct self-defence and regional security missions with a more robust air defence capability,' DSCA said. And the Bradley equipment and services will help meet Ukraine's 'urgent need to strengthen local sustainment capabilities to maintain high operational rates for United States provided vehicles and weapon systems,' it said. The State Department approved the possible sales and the DSCA provided the required notification to the US Congress, which still needs to sign off on the transactions. The latest proposed military sale to Ukraine follows another announced in early May valued at US$310.5 million for F-16 training and sustainment. Top stories Swipe. Select. Stay informed. Singapore Judge asks prosecution for more information on Kpods in first case involving etomidate-laced vapes World In landmark opinion, World Court says countries must address climate change threat Singapore 5 teens arrested for threatening boy with knife, 2 charged with causing hurt Singapore Male victim of fatal Toa Payoh fire was known to keep many things, say residents Sport Bukayo Saka the difference as Arsenal beat AC Milan at National Stadium Singapore HDB launches 10,209 BTO and balance flats, as priority scheme for singles kicks in Singapore Over 1.15 million Singaporeans aged 21 to 59 have claimed SG60 vouchers Singapore Cyclist charged after allegedly hitting elderly pedestrian, killing him Russia's President Vladimir Putin launched the full-scale invasion of neighbouring Ukraine in 2022 and has shown little willingness to end the conflict despite pressure from the United States. Under former president Joe Biden, Washington committed to providing more than US$65 billion in military assistance to Ukraine. But President Donald Trump – long sceptical of assistance for Ukraine – has not followed suit, announcing no new military aid packages for Kyiv since he returned to office in January. AFP
Straits Times
27 minutes ago
- Straits Times
Brazil to join South Africa's Gaza genocide case against Israel at ICJ
Find out what's new on ST website and app. BRASILIA - Brazil is finalizing its submission to join South Africa's genocide case against Israel's actions in Gaza at the International Court of Justice, the foreign ministry said in a statement on Wednesday. South Africa filed a case in 2023 asking the ICJ to declare that Israel was in breach of its obligations under the 1948 Genocide Convention. The case argues that in its war against Hamas militants Israel's military actions go beyond targeting Hamas alone by attacking civilians, with strikes on schools, hospitals, camps, and shelters. Other countries – including Spain, Turkey, and Colombia – have also sought to join the case against Israel. In its statement, the Brazilian government accused Israel of violations of international law "such as the annexation of territories by force" and expressed "deep indignation" at violence suffered by the civilian population. Israel denies deliberately targeting Palestinian civilians, saying its sole interest is to annihilate Hamas. Lawyers for Israel have dismissed South Africa's case as an abuse of the genocide convention. The Israeli embassy in Brasilia did not immediately reply to a request for comment. Brazil's National Israeli association CONIB said in a statement in response to Wednesday's decision that "the breaking of Brazil's long-standing friendship and partnership with Israel is a misguided move that proves the extremism of our foreign policy." Top stories Swipe. Select. Stay informed. Singapore Judge asks prosecution for more information on Kpods in first case involving etomidate-laced vapes World In landmark opinion, World Court says countries must address climate change threat Singapore 5 teens arrested for threatening boy with knife, 2 charged with causing hurt Singapore Male victim of fatal Toa Payoh fire was known to keep many things, say residents Sport Bukayo Saka the difference as Arsenal beat AC Milan at National Stadium Singapore HDB launches 10,209 BTO and balance flats, as priority scheme for singles kicks in Singapore Over 1.15 million Singaporeans aged 21 to 59 have claimed SG60 vouchers Singapore Cyclist charged after allegedly hitting elderly pedestrian, killing him Brazilian President Luiz Inacio Lula da Silva has long been an outspoken critic of Israel's actions in Gaza, but Wednesday's decision carries added significance amid heightened tensions between Brazil and Israel's ally the United States. The Trump administration announced 50% tariffs on all Brazilian goods this month. A diplomat familiar with the thinking of the Lula administration told Reuters that Brazil does not believe its decision to join South Africa's case will impact its relationship with Washington, however. The United States has opposed South Africa's genocide case under both former President Joe Biden and Trump. In February, Trump signed an executive order to cut U.S. financial assistance to South Africa, citing in part its ICJ case. REUTERS
