Singapore stocks extend gains ahead of US inflation report; STI up 0.4%

SINGAPORE – Local shares racked up a third consecutive day of gains on Wednesday following a solid session on Wall Street overnight.

Investors here and elsewhere were anticipating that United States inflation figures due later on Wednesday night would indicate moderating price pressures and perhaps a halt to interest rate hikes.

The Straits Times Index (STI) finished 11.52 points or 0.4 per cent higher at 3,175.36 with gainers outstripping losers 353 to 227 on trade of two billion securities worth $1.05 billion.

Elsewhere, benchmarks in Japan and China fell, while Hong Kong, South Korea, Taiwan and Malaysia closed higher.

Australian stocks rose as well, putting on 0.4 per cent to add to Tuesday’s rally, the biggest one-day rally in six months.

The gains followed steady advances on Wall Street, with all three indices rising between 0.6 per cent and 0.9 per cent.

Exinity Group chief market analyst Han Tan noted: “As things stand, a July (interest rate) hike is all but priced in, though the (US) Fed Funds futures expect just about a one-in-three chance of an additional hike for the rest of the year.”

Thomson Medical Group trading was halted here pending an announcement. The group is proposing to buy Far East Medical Vietnam, the owner and operator of healthcare facilities in Vietnam, for about US$380 million (S$517 million).

ICP was the day’s second-most active counter with 48 million shares done. The Catalist-listed company’s substantial shareholder has lobbed a mandatory conditional cash offer for the company at 0.007 cents a share after raising his stake in the firm.

The counter ended 22.2 per cent lower at 0.007 cents, after it resumed trading on Wednesday following a halt on Tuesday pending the announcement.

UOL Group gained 1 per cent to $6.66. The Housing Board has awarded a mixed-use land parcel in Tampines to a joint venture between a UOL-Singapore Land consortium and CapitaLand Development at a $1.21 billion tender price. THE BUSINESS TIMES

SINGAPORE – Local shares racked up a third consecutive day of gains on Wednesday following a solid session on Wall Street overnight.

Investors here and elsewhere were anticipating that United States inflation figures due later on Wednesday night would indicate moderating price pressures and perhaps a halt to interest rate hikes.

The Straits Times Index (STI) finished 11.52 points or 0.4 per cent higher at 3,175.36 with gainers outstripping losers 353 to 227 on trade of two billion securities worth $1.05 billion.

Elsewhere, benchmarks in Japan and China fell, while Hong Kong, South Korea, Taiwan and Malaysia closed higher.

Australian stocks rose as well, putting on 0.4 per cent to add to Tuesday’s rally, the biggest one-day rally in six months.

The gains followed steady advances on Wall Street, with all three indices rising between 0.6 per cent and 0.9 per cent.

Exinity Group chief market analyst Han Tan noted: “As things stand, a July (interest rate) hike is all but priced in, though the (US) Fed Funds futures expect just about a one-in-three chance of an additional hike for the rest of the year.”

Thomson Medical Group trading was halted here pending an announcement. The group is proposing to buy Far East Medical Vietnam, the owner and operator of healthcare facilities in Vietnam, for about US$380 million (S$517 million).

ICP was the day’s second-most active counter with 48 million shares done. The Catalist-listed company’s substantial shareholder has lobbed a mandatory conditional cash offer for the company at 0.007 cents a share after raising his stake in the firm.

The counter ended 22.2 per cent lower at 0.007 cents, after it resumed trading on Wednesday following a halt on Tuesday pending the announcement.

UOL Group gained 1 per cent to $6.66. The Housing Board has awarded a mixed-use land parcel in Tampines to a joint venture between a UOL-Singapore Land consortium and CapitaLand Development at a $1.21 billion tender price. THE BUSINESS TIMES