Singapore stocks rise on Wednesday, snapping four-day losing streak; STI up 0.7%

Across the broader market, gainers beat decliners 288 to 177, after 971.8 million securities worth S$1.4 billion change hands

Equities on the Singapore bourse rose on Wednesday (Apr 30), as four sessions of losses drew some bargain hunting. Sentiment across most of Asia was also more positive, after Japan’s top trade negotiator said he aimed to make steady progress in tariff negotiations with the US.

The benchmark Straits Times Index (STI) gained 0.7 per cent or 27.33 points to 3,832.51.

The top gainer was property developer Hongkong Land, which rose 4 per cent or US$0.19 to US$4.89.

This marks the fourth straight session that the counter has risen. This is after the company said on Apr 24 it would sell 147,025 square feet of One Exchange Square in Hong Kong to the city’s stock exchange operator for HK$6.3 billion (S$1.1 billion) and launch a share buyback programme.

The biggest decliner was Jardine Matheson, which shed 2 per cent or US$0.89 to end at US$44.46.

Singapore’s trio of local banks closed higher. DBS rose 0.9 per cent or S$0.37 to S$42.45, while UOB added 0.8 per cent or S$0.28 to end at S$34.64. OCBC closed 1.1 per cent or S$0.17 higher at S$16.15.

Across the broader market, gainers beat decliners 288 to 177, after 971.8 million securities worth S$1.4 billion changed hands.

Equities across Asia traded mostly higher. Japan’s Nikkei 225 advanced 0.6 per cent to close at its highest in a month. Hong Kong’s Hang Seng Index also rose, by 0.5 per cent.

The Shenzhen Component Index gained 0.5 per cent, while the Shanghai Composite was the outlier among Greater China indices, shedding 0.2 per cent.

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