SINGAPORE stocks traded higher on Monday (Nov 25) as they followed other markets in the region in making gains.
As at noon, the Straits Times Index (STI) shed some earlier gains, climbing 8.86 points or around 0.2 per cent to 3,754.88. Across the broader market, gainers outnumbered decliners 240 to 231, after 35.6 million securities worth S$49.3 million changed hands.
Yangzijiang Shipbuilding was one of the most actively traded counters by volume, gaining 0.7 per cent or S$0.02 to S$2.71, with 2.7 million units changing hands.
Units of CapitaLand Integrated Commercial Trust were briskly transacted as well, rising S$0.01 or 0.5 per cent to S$1.94 in early trade. Bacui Technologies on the other hand fell S$0.001 or 25 per cent to S$0.003.
Banking stocks were a sea of green in the morning. DBS climbed 0.7 per cent or S$0.30 to S$42.63. UOB rose 0.6 per cent or S$0.21 to S$36.64. OCBC inched up 0.2 per cent or S$0.04 to S$16.50.
Stocks that analysts are bullish on include Singapore Post, which Maybank initiated coverage on with a buy rating and a S$0.74 price target. Shares of Singapore Post were last up 1.9 per cent to S$0.55.
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RHB Bank upgraded banking stocks from neutral to overweight on Monday, with a buy call on UOB and DBS. It said Singapore banking stocks could provide a “defensive shelter” for investors.
Some other Asia markets were also in positive territory, with Malaysia’s FTSE Bursa Malaysia Kuala Lumpur Composite Index rising 1 percent, Japan’s Nikkei 225 jumping 1.15 per cent, and South Korea’s Kospi rising 1.4 per cent. The MSCI Asia ex-Japan index was last up around 0.7 per cent. Hong Kong’s Hang Seng index was one exception, losing 0.5 per cent.
Morgan Stanley said in a note on Monday morning that Chinese stocks have been drawing little interest. “Most investors viewed them as cheap but still facing risks related to the recent rise in stock prices, potentially higher tariffs, and ongoing debt deflation,” it wrote. “The overwhelming consensus was that while there may be long-term value in China stocks, there’s no clear catalyst to realise it over the near term.”
Wall Street ended higher on Friday, with all three major indexes posting weekly gains, considering how investors took comfort from data pointing to robust economic activity in the world’s biggest economy.
The S&P 500 gained 20.63 points or 0.4 per cent to end at 5,969.34 points, while the Nasdaq Composite gained 31.23 points or 0.16 per cent to 19,003.65. The Dow Jones Industrial Average rose 426.16 points or 1 per cent to 44,296.51.
In Europe, the benchmark index was propelled to a one-week high on Friday on the back of a surge in real estate stocks, while geopolitical tensions eased.
The pan-European Stoxx 600 jumped 1.2 per cent, its best daily performance in nearly two months. This contributed to a 1.1 per cent gain for the index for the week, breaking a four-week losing streak which was the longest since May 2022.
