Singapore stocks snap losing streak on Friday as Fed hike fears ebb; STI up 0.8%
Friday, May 13, 2022       17:18 WIB

THE Straits Times Index (STI) climbed 0.8 per cent or 25.98 points to close at 3,191.16 points on Friday (May 13) - snapping a losing streak that has stretched over a week - as investors' fears over US policies to counter surging inflation were allayed.
In the wider Singapore market, gainers outnumbered losers 335 to 158, with 1.46 billion shares worth S$1.46 billion changing hands.
"Asia-Pacific equities are staging a relief rally today after Wall Street stabilised late in the session as Jerome Powell calmed nerves over potential 0.75 per cent rate hikes. The rebound of cryptos and stablecoins also lifted sentiment," said Oanda senior market analyst Jeffrey Halley.
However, he added: "The rally today looks more like a technical rebound after a torrid week, than a structural turn in sentiment. As such, it should be taken with a grain of salt."
The top STI performer for the day was City Developments Limited (CDL), which jumped 6.7 per cent or S$0.51 to close at S$8.18.
At the bottom of the table was Singtel, which finished 2.1 per cent or S$0.06 lower at S$2.75. The counter - which has topped the STI volume chart every day this week - was again the most actively traded among the constituents, with 43.8 million shares traded on Friday.
In the wider market, Sembcorp Marine was among the most heavily traded counters. It closed 2.2 per cent or S$0.002 higher at S$0.095 after 84.9 million shares changed hands.
The trio of local banks all finished higher. DBS rose 0.6 per cent or S$0.17 to S$31.23, UOB jumped 1.5 per cent or S$0.41 to S$28.49 and OCBC edged up 0.1 per cent or S$0.01 to end at S$11.71.
Other key Asian markets on Friday also shook off the week's dismal performance. Hong Kong's Hang Seng charged up 2.7 per cent, Japan's Nikkei 225 climbed 2.6 per cent, South Korea's Kospi rose 2.1 per cent and the FTSE Bursa Malaysia KLCI gained 0.4 per cent.

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