Singapore stocks close higher as STI briefly reaches 4,300; index up 0.5%

Stocks on the local bourse closed higher on Tuesday (Sep 2) as the Straits Times Index (STI) briefly traded above 4,300 points for the first time. The new threshold was supported by Singtel, which climbed to S$4.40, its highest level since 2015.

The index rose 0.5 per cent or 22.44 points to close at 4,298.51. Across the broader market, gainers outnumbered decliners 293 to 243 after 1.3 billion securities worth S$1.3 billion changed hands.

“After defending its string of recent highs around 4,275 in recent weeks, gains by its heavyweights today saw the STI briefly cross 4,300 in the afternoon session,” Geoff Howie, market strategist at the Singapore Exchange, told The Business Times.

“The new high also comes amid a slightly improved local economic outlook for Q3 25, based on recent reports of manufacturing, trade and banking activity,” he added.

The top gainer on the index was resort and casino operator Genting Singapore, which rose 2.8 per cent or S$0.02 to S$0.74.

At the bottom of the index was property developer UOL, which fell 1.2 per cent or S$0.09 to S$7.26.

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Singapore’s local banking trio gained on Tuesday. DBS increased 1 per cent or S$0.51 to S$50.71; while UOB was also up 1 per cent or S$0.36 at S$35.60; and OCBC rose 0.6 per cent or S$0.10 to S$16.85.

Across Asia, key indices were mixed. Japan’s Nikkei 225 added 0.3 per cent, South Korea’s Kospi gained 0.9 per cent and Malaysia’s benchmark index edged up 0.1 per cent. In contrast, Chinese markets finished lower, with both Hong Kong’s Hang Seng Index and the Shanghai Composite Index falling 0.5 per cent.

This comes as “Chinese equities retreated after Monday’s rally backed by hopes of improved China-India ties”, said Swissquote Bank senior analyst Ipek Ozkardeskaya.

She noted that Alibaba’s nearly 2 per cent jump on Monday, following a triple-digit surge in artificial intelligence (AI) revenues, lifted the Hang Seng Index by 2 per cent before some profit-taking set in on Tuesday morning.

She added: “Alibaba briefly reached its highest level since April before pulling back. The Chinese AI rally still appears to have room to run.”