Singapore shares up as sentiment improves with equity markets gains in Wall Street, Europe

SINGAPORE – A rebound on Wall Street overnight gave regional investors all the encouragement they needed to end the share-trading week on a positive note.

The mood turnaround on Jan 19 sent the Straits Times Index up 12.51 points or 0.4 per cent to 3,152.29 points, but still down 1.2 per cent for the week.

Losers inched ahead of gainers 279 to 254 across the broader market, with 1.2 billion shares worth $944.9 million changing hands.

Most key regional indexes also ended higher, but not in mainland China and Hong Kong after the People’s Bank of China announced its decision not to cut interest rates.

Regional sentiment was buoyed after a good showing on Wall Street, where surging tech stocks powered the three key indexes higher after a positive briefing from industry giant Taiwan Semiconductor.

The S&P 500 rose 0.9 per cent, the Nasdaq added 1.3 per cent and the Dow Jones Industrial Average put on 0.5 per cent to snap a three-day losing streak.

Traders checked out the sectors that saw the heaviest drops since the start of 2024, leading to global equity markets posting gains overnight, private bank LGT noted.

Any comments from international policymakers on the last day of the World Economic Forum in Davos, Switzerland, could provide further impulses, said LGT.

Property developer and hotel operator Hotel Properties slid 0.6 per cent to $3.59, a day after the prosecution said it would make a decision on the investigation against managing director Ong Beng Seng at the conclusion of the court case against former transport minister S. Iswaran.

Iswaran allegedly obtained over $300,000 worth of tickets, hotel stays and flights from Mr Ong.

GuocoLand closed unchanged at $1.44. The firm is part of a consortium that was the sole bidder for a residential and commercial development site in Marina South.

It lodged an offer significantly below market expectations, raising concerns that the plot would not be awarded. THE BUSINESS TIMES

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