Top gainer is DFI Retail Group at US$2.71, while the biggest decliner is Yangzijiang Shipbuilding at S$2.11
[SINGAPORE] Stocks in Singapore ended higher on Monday (May 5), tracking Friday’s gains on Wall Street.
The benchmark Straits Times Index (STI) rose 0.2 per cent or 7.93 points to 3,853.07. Across the broader market, gainers outnumbered losers 225 to 183, after 614.2 million securities worth S$820.5 million changed hands.
In the US, economic data showed limited weakness, as erratic economic policy and uncertainty weighed on confidence, said David Kohl, chief economist at Julius Baer.
Stronger-than-expected job creation and low unemployment contributed to the ongoing robust growth in private consumption, he said.
Kohl expects the US Federal Reserve to keep rates on hold this week in response to the still-solid economic data and the upside risks for inflation due to the announced import tariffs.
Over the weekend, Singapore also held its parliamentary general elections, which saw the ruling People’s Action Party (PAP) returning to government with an improved vote share and a strong mandate.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
DBS Group Research senior economist Chua Han Teng said the decisive result will reassure investors of ongoing political stability and policy continuity.
“In an increasingly challenging global economic landscape, we expect the PAP government to balance between providing immediate economic support with long-term priorities of fostering growth and addressing rising social needs,” Chua said.
The top gainer on the STI was DFI Retail Group, which gained 5 per cent or US$0.13 to US$2.71.
The biggest decliner was Yangzijiang Shipbuilding, which fell 6.2 per cent or S$0.14 to S$2.11.
The local banking trio ended higher. DBS gained 0.4 per cent or S$0.18 to S$42.88, OCBC rose 0.2 per cent or S$0.03 to S$16.20, while UOB was up 0.2 per cent or S$0.08 at S$34.98.
Copyright SPH Media. All rights reserved.
