Singapore Stocks Bounce Back from Over 5-Week Low

The STI Index rose 35 points, or 0.7%, to 4,896 in morning trade on Thursday, erasing losses from the previous six sessions and moving off its lowest level since March 23, reached a day earlier. The broader index tracked gains in US futures following earnings reports from major tech companies. Latest data from China also lifted sentiment, after a private survey showed factory activity on the mainland grew at its fastest pace since 2020, though government data indicated a slight moderation. However, the Fed’s decision to hold interest rates and rising oil prices limited gains. Energy minerals, electronic technology, health technology, and commercial services led the index, with notable gains from DBS Group Holdings (3.6%), OCBC (0.7%), UOB (0.5%), Singapore Technologies Engineering (0.3%), and Keppel (0.3%). For the month, the index is heading for a 0.2% gain, after falling in the previous month.

The STI Index fell 30 points, or 0.6%, to 4,857 in morning trade on Wednesday, extending losses for a sixth straight session and reaching its lowest level since March 13. The broader index tracked declines on Wall Street overnight amid signals of weakness in OpenAI and rising oil prices. Most sectors traded in the red, including transportation, utilities, and consumer non-durables. Traders were cautious ahead of the Fed’s monetary policy decision later today, as well as rising oil prices that could increase domestic inflation. Among early losers were Singapore Telecommunications (-2.8%), Keppel (-1.6%), Jardine Matheson Holdings (-1.4%), and Hongkong Land Holdings (-1.4%).

The STI Index rose 28 points, or 0.6%, to 4,921 in Tuesday morning trade, snapping a four-session losing streak and moving away from its lowest level since March 31. The broader index tracked gains in US futures ahead of the release of a slew of earnings reports from major tech companies. Electronic technology, industrial services, and commercial services led the gains. Sentiment was also lifted by Monday's data, with industrial output growing sharply in March and marking the fastest pace in three months. However, traders are looking ahead to PMI data from China to gauge the outlook for its top trading partner’s economy, as well as U.S. Q1 GDP and March PCE inflation figures later this week, for clues on the Federal Reserve’s monetary policy path. Uncertainty surrounding US-Iran ceasefire talks, however, limited the gains. Among the top performers were Delta Electronics (11.6%), Venture Corp (1.5%), Semiconductor Manufacturing Intl. (1.4%), OCBC (1.3%), and Singapore Tech. (1.2%).