Singapore stocks continue to rally on Tuesday; STI up 1%
[SINGAPORE] Singapore stocks ended higher on Tuesday (Apr 22), even as other Asian markets delivered a mixed performance amid trade uncertainty.
The benchmark Straits Times Index (STI) rose 1 per cent or 36.2 points to 3,795.41. Across the broader market, gainers outnumbered decliners 359 to 187, after 1.4 billion securities worth S$1.5 billion changed hands.
The top gainer on the index was offshore and marine specialist Seatrium . The counter rose 4.3 per cent or S$0.08 to S$1.96.
Meanwhile, the biggest decliner was Yangzijiang Shipbuilding , which slid 1.8 per cent or S$0.04 to S$2.21. This comes after the counter had surged 9 per cent on Monday after the US eased port fees on China-built vessels, and has been climbing since Apr 9, following news reports that the US might soften its stance.
Yangzijiang had previously tumbled in February when the United States Trade Representative's office proposed a fee of up to US$1.5 million per port call on such ships.
Singapore's trio of local banks continued their ascent on Tuesday, with DBS up 1 per cent or S$0.43 at S$41.85. OCBC rose 0.8 per cent or S$0.13 to S$16.38, and UOB increased 0.7 per cent or S$0.24 to S$35.54.
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Across the region, major indices ended mixed following a weak start on Wall Street and the US dollar falling to a three-year low.
The Bursa Malaysia Kuala Lumpur Composite Index fell 0.9 per cent, Nikkei 225 slipped 0.2 per cent, and the Kospi was down 0.1 per cent.
Meanwhile, the Hang Seng Index gained 0.8 per cent and the IDX Composite advanced 1.4 per cent.
This comes as US President Donald Trump seeks to counter the economic fallout from trade tensions and immigration restrictions by pushing for looser financial conditions.
However, international tensions escalated over the Easter weekend, with Beijing warning countries against striking agreements with Washington that could come at China's expense, noted Jose Torres, senior economist at Interactive Brokers.
'President Trump's escalating demands for the Federal Reserve to lower rates are sparking market turbulence, and sending stocks and the greenback into free fall,' he added.
Similarly, Bank of Singapore currency strategist Sim Moh Siong said that the decline in the US dollar has 'gained steam, and may continue amid concerns that the Fed's independence is at risk'.
'The triple combination of rising long-term interest rates, lower equities and a weaker currency is a very negative signal for the greenback,' he added.
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