[SINGAPORE] Most of the Straits Times Index (STI) constituents clocked gains on Thursday (Apr 10), as regional indices rebounded.
The STI closed up 5.4 per cent or 184.14 points at 3,577.83.
The trio of local banks recovered some ground. DBS added 6.8 per cent or S$2.51 to S$39.67; OCBC rose 7 per cent or S$1.01 to S$15.43; UOB settled 7.2 per cent or S$2.22 higher at S$33.21.
The biggest gainer was Jardine Matheson, gaining 8.7 per cent or US$3.19 to US$39.87.
Mapletree PanAsia Commercial Trust was the only STI constituent that did not register gains, closing flat at S$1.13.
Across the broader market, advancers outnumbered decliners 474 to 153, with 2.1 billion shares worth S$3 billion transacting.
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Major indices across the region closed higher. The Kospi increased 6.6 per cent and the Nikkei 225 added 9.1 cent. Meanwhile, Hong Kong’s Hang Seng Index roses 2.1 per cent and the KLCI gained 4.5 per cent.
The unexpected announcement of a 90-day pause on US tariffs for certain countries has swung market sentiments from fear and uncertainty to relief and euphoria, said Yeap Jun Rong, market strategist at IG.
Despite the universal reciprocal tariff reduction to 10 per cent remaining in place, the move has been seen as more favourable compared to earlier fears of securing concessions being an arduous process, he added.
He noted that this was a temporary reprieve and not a full rollback of tariffs, but for now, the immediate risk of recession has likely lowered.
US tensions with China remain elevated with a tit-for-tat raising of tariffs to 125 per cent in response to Beijing’s hike to 84 per cent. But the path to negotiation is not entirely closed, Yeap said.
“President Donald Trump previously maintained confidence that Chinese President Xi Jinping will eventually return to the negotiating table and market participants are likely to harbour such hopes unless proven otherwise.”
