STI inches up 0.1%, bucking regional trend as oil continues surge
[SINGAPORE] Singapore stocks ended higher on Friday (Sep 11), bucking a regional trend as Asian markets slumped amid renewed tensions in the Middle East.
The benchmark Straits Times Index (STI) gained 0.1 per cent or 6.18 points to finish at 5,695.93.
OCBC led the gainers on Singapore’s blue-chip index, rising 0.7 per cent or S$0.21 to S$31.60.
The worst performer among STI constituents was DFI Retail Group , which fell 3.1 per cent or US$0.11 to US$3.50.
Singapore’s other two key lenders also ended higher. DBS gained 0.3 per cent or S$0.21 to end at S$77.00, while UOB was up 0.7 per cent or S$0.27 at S$41.26.
Within the iEdge Singapore Next 50 Index, Top Glove was the top gainer, rising 4.3 per cent or S$0.01 to S$0.245, while Riverstone was the biggest decliner, falling 3.1 per cent or S$0.025 to S$0.79.
Across the broader market, losers outnumbered gainers 340 to 215, after 1.1 billion securities worth S$1.5 billion changed hands.
AJJ Medtech was the most actively traded stock, with 89.2 million shares changing hands.
DBS was the most actively traded stock in terms of value, with a volume of three million shares worth S$234.3 million.
Asia’s other benchmark indices were negative. Hong Kong’s Hang Seng Index lost 0.6 per cent, Japan’s Nikkei 225 fell 1.9 per cent, South Korea’s Kospi was down 1.8 per cent and the FTSE Bursa Malaysia KLCI declined 1.1 per cent.
Oil prices continued to surge amid renewed tensions in the Middle East, as the Houthis seized the Yemeni port of Mocha in the Red Sea on Thursday.
The Iran-aligned group could gain ground within the Bab el-Mandeb Strait, a key shipping route, said Yemeni government sources.
Fears of global disruptions sent Brent surging to an intra-day high of US$110 a barrel, while the West Texas Intermediate crude broke above $100 a barrel.
On Friday, Saktiandi Supaat, head of FX research and strategy at Maybank, said: “(The) market is fully pricing in a Federal Open Market Committee rate hike by October, as energy prices continue to rise amid escalations in the Middle East.”
This article was written with the assistance of AI and reviewed by a reporter
