Across the broader market, gainers beat losers 249 to 180, after 1.1b securities worth S$958m were traded
[SINGAPORE] Shares on the Singapore bourse ended higher on Tuesday (May 27), after the US extended the deadline for tariff negotiations with the European Union (EU) to Jul 9.
The Trump administration had threatened to impose 50 per cent tariffs on EU goods on Jun 1, before delaying them on Sunday.
In Singapore, the benchmark Straits Times Index (STI) rose 0.5 per cent or 20.49 points to 3,896.09.
Across the broader market, advancers outnumbered decliners 249 to 180, after 1.1 billion securities worth S$958 million were traded.
The top gainer on the index was technology and defence company ST Engineering, which rose 2.5 per cent or S$0.19 to S$7.75.
The biggest decliner was business conglomerate Jardine Matheson. The counter fell 1.5 per cent or US$0.68 to US$45.21.
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CapitaLand Integrated Commercial Trust was the most actively traded counter by volume, with 32.1 million units worth S$66.6 million traded. The counter rose 1 per cent or S$0.02 to S$2.08.
Markets across the region ended in positive territory. Australia’s ASX 200 was up 0.6 per cent, Japan’s Nikkei 225 gained 0.5 per cent and Hong Kong’s Hang Seng Index rose 0.4 per cent.
Aaron Chwee, the head of wealth advisory at OCBC, said that while the delay in EU tariffs has provided a short-term boost to futures markets, underlying concerns about trade relations continue to weigh on investor sentiment. While the near-term outlook is likely to be volatile, he said the scenario over the next 12 months “appears more constructive”.
OCBC maintains an “overweight” position on equities in Asia (excluding Japan), with the bank favouring the Singapore, Philippine, China and Hong Kong markets.
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