Singapore stocks track Wall Street gains; STI up 0.4%

[SINGAPORE] Singapore stocks ended higher on Wednesday (Nov 26), tracking overnight gains on Wall Street.

The benchmark Straits Times Index (STI) gained 0.4 per cent or 15.93 points to finish at 4,501.56. The iEdge Singapore Next 50 Index also rose, advancing 0.2 per cent or 3.04 points to 1,445.42.

Across the broader market, gainers outnumbered losers 280 to 258, after 1.3 billion securities worth S$1.3 billion changed hands.

Key regional indices were in positive territory. The Hang Seng Index gained 0.1 per cent, the Nikkei 225 rose 1.8 per cent, the Kospi was up 2.7 per cent and the FTSE Bursa Malaysia KLCI ended 0.8 per cent higher.

US stocks rallied overnight on news of the Federal Reserve potentially installing a dovish chair, on top of the release of weak economic data.

“US stocks didn’t simply rise on Tuesday,” said Stephen Innes, managing partner at SPI Asset Management.

“They traded as if someone quietly reached under the market’s chassis and flipped every switch that matters: the Fed chair succession, a fresh volley of artificial intelligence (AI) supply-chain tremors, and a data deluge that leaned dovish from every angle.”

Seatrium led Wednesday’s gains on the STI, rising 2.9 per cent or S$0.06 to S$2.12.

The worst performer was Keppel DC Reit , which fell 1.7 per cent or S$0.04 to close at S$2.28.

The three local banks ended higher. DBS gained 0.6 per cent or S$0.34 to S$53.84, OCBC rose 0.6 per cent or S$0.11 to S$18.23, and UOB was up 0.2 per cent or S$0.06 at S$33.92.