[SINGAPORE] Singapore shares ended higher on Monday (Mar 24), bucking a regional trend.
The Straits Times Index (STI) rose 0.3 per cent or 9.88 points to 3,936.33.
The trio of local banks closed mixed on Monday. DBS was up 0.4 per cent or S$0.18 at S$45.49, OCBC gained 0.5 per cent or S$0.08 to end at S$17.06, while UOB lost 0.3 per cent or S$0.11 to finish at S$37.84.
The top gainer on the STI was DFI Retail Group, which rose 4 per cent or US$0.09 to US$2.34 after it had announced the sale of its Singapore supermarket chains Cold Storage and Giant to a Malaysian retail conglomerate.
The index’s biggest loser was Yangzijiang Shipbuilding. The counter fell 2.8 per cent or S$0.07 to S$2.40.
Across the broader market, advancers outnumbered decliners 276 to 226, after 1.1 billion securities worth S$1.1 billion changed hands.
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Most major indices across the region were down on Monday. The Kospi lost 0.4 per cent, the Nikkei 225 slipped 0.2 per cent and the KLCI dipped 0.1 per cent. However, the Hang Seng Index gained 0.9 per cent.
Yeap Jun Rong, market strategist at IG, said that US markets have inched higher on hopes that President Donald Trump’s tariffs may be less severe than initially feared – there is optimism that his plans may be more bark than bite, with potential exceptions for certain countries and a targeted approach.
In Asia, Chinese equities remain closely watched this week, with the recent unwinding of profit-taking. The next rally for China stocks will depend on economic conditions aiding recovery to validate current market views that the worst is over.
“In the near term, however, tariff risks present a key headwind, with China squarely in the US’ crosshairs,” said Yeap.
