On the broader market, gainers beat losers 301 to 225 after 987 million securities worth S$1 billion change hands
SINGAPORE stocks rose on Monday (Sep 16) ahead of a widely anticipated interest rate cut to be announced by the US Federal Reserve on Sep 18.
The local benchmark Straits Times Index (STI) gained 0.2 per cent or 7.78 points to a 52-week high of 3,570.43.
On the broader market, gainers beat losers 301 to 225 after 987 million securities worth S$1 billion changed hands.
SPI Asset Management managing partner Stephen Innes said that investors will be trying to decipher “whether the recent economic data suggests the economy is cooling down to a manageable pace or whether it’s the first signs of a deeper, darker slowdown”.
“Stock traders are betting on a soft landing, while bond traders, eyeing 250 basis points of cuts, are bracing for a full-blown recession,” he said.
Meanwhile, he noted, China has also continued to post disappointing economic data that could weigh on sentiment.
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Chinese data released on Saturday showed that the nation’s retail sales, industrial production and urban investment were slower than expected.
The Tokyo, Shanghai, Kuala Lumpur, Jakarta and Seoul stock markets observed market holidays on Monday. Both Hong Kong’s Hang Seng Index and Australia’s ASX 200 closed up 0.3 per cent.
On the STI, Mapletree Pan Asia Commercial Trust was the top gainer, rising 2.1 per cent or S$0.03 to S$1.48.
ST Engineering was at the bottom of the table. It fell 1.1 per cent or S$0.05 to S$4.62.
The trio of local banks were mixed on Monday. DBS rose 0.2 per cent or S$0.06 to S$38, while OCBC shed 0.3 per cent or S$0.05 to S$15.23 and UOB dropped 0.5 per cent or S$0.16 to S$32.28.
