SINGAPORE – Singapore stocks tracked regional gains to end higher on Oct 7.
The benchmark Straits Times Index (STI) rose 0.3 per cent or 10.06 points to 3,599.19. Across the broader market, gainers outnumbered losers 380 to 257, after 1.8 billion securities worth $1.5 billion changed hands.
Elsewhere in Asia, the Nikkei 225 rose 1.8 per cent, the Hang Seng Index climbed 1.6 per cent, the Kospi Composite Index was up 1.6 per cent, and the FTSE Bursa Malaysia KLCI gained 0.3 per cent.
This follows the previous week’s gains in Chinese stocks such as Yanlord Land and property developer Ying Li International.
“Monday’s trading in Asia is kicking off on a high, with investors buzzing after a blowout US jobs report that caught even the most bullish forecasters off guard,” said Mr Stephen Innes, managing partner at SPI Asset Management.
The labour market had hit “that elusive ‘Goldilocks’ balance”, with surging job gains, a dip in the unemployment rate, and solid wage growth, he added. The US economy added 254,000 jobs in September, outstripping economists’ expectations. The September numbers were also significantly above revised August jobs figures of 159,000.
“With well-behaved inflation and US economic surprises continuing to turn more positive, equities love the ride,” Mr Innes said. He expects investors in Asia are ready to ride that momentum wave.
On the STI, Seatrium was the biggest gainer, rising 5.5 per cent or 11 cents to $2.10. It continued its winning streak from the week before, when it was the star performer on the index. However, the share price is still some distance off the Bloomberg consensus estimate target price of $2.57.
Meanwhile, CapitaLand Investment was the biggest decliner, falling 1.9 per cent or six cents to $3.06.
The local banks ended mixed on Oct 7. DBS
