[SINGAPORE] The Straits Times Index (STI) continued to rally, tracking regional indices on Tuesday (Apr 15).
The STI closed up 2.1 per cent or 75.81 points at 3,624.72.
Across the broader market, advancers outnumbered decliners 331 to 187, with 1.2 billion shares worth S$1.4 billion having changed hands.
The trio of local banks continued their ascent on Tuesday, with DBS up 3 per cent or S$1.15 at S$39.96. OCBC rose 2.6 per cent or S$0.39 to S$15.57, and UOB increased 3 per cent or S$0.99 to S$33.91.
The top gainer was Frasers Logistics and Commercial Trust, closing up 6.1 per cent or S$0.05 at S$0.87.
The biggest loser was Wilmar, shedding 1.9 per cent or S$0.06 to close at S$3.09.
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Across the region, major indices closed higher, with the Kospi adding 0.9 per cent and the Nikkei 225 rising 0.8 per cent. Hong Kong’s Hang Seng Index closed 0.2 per cent higher, and the KLCI gained 0.4 per cent.
A rally in big tech is being fuelled by US President Donald Trump’s softer stance on electronic imports from China, noted Jose Torres, senior economist at Interactive Brokers. Animal spirits have been bolstered by the White House’s empathetic tilt, with investors buying not just tech, but also treasuries and commodities. Optimism is also rising on expectations of a robust US retail sales report coming out on Wednesday.
The softening in the trade rhetoric is being seen as a bullish sign that the Trump administration is becoming attentive to capital market developments, said Torres. The optimistic start to the week is fuelled by hopes of tactful negotiations by the White House, bolstering economic growth expectations.
“Even though volatility has been declining heavily, it remains well above historical averages, signalling the expectation of ongoing turbulence in stocks and rates alike,” said Torres.
