SINGAPORE - Stocks in Singapore extended gains on April 23, as local banks led gains on the benchmark Straits Times Index (STI).
The STI rose 1.5 per cent or 47.55 points to 3,272.72, with most counters ending higher.
UOB was the top gainer, rising 2.1 per cent or 64 cents to $31.09.
DBS Bank was up 1.6 per cent or 55 cents to $34.62, while OCBC Bank gained 1.4 per cent or 19 cents to $14.02.
The biggest decliner was Yangzijiang Shipbuilding, which fell 1.7 per cent or 3 cents to $1.72.
Across the broader Singapore market, gainers outnumbered losers 385 to 197, after 1.7 billion securities worth $1.4 billion changed hands.
Elsewhere in the region, several key markets tracked gains on Wall Street, amid easing tensions in the Middle East.
The Nikkei 225 rose 0.3 per cent, the Hang Seng Index gained 1.9 per cent, and the FTSE Bursa Malaysia KLCI was up 0.1 per cent.
US markets rebounded on April 23 in a “classic relief-rally fashion”, although investors remained highly cautious on both the earnings and policy fronts, said Mr Stephen Innes, managing partner at SPI Asset Management.
Major tech companies in the US – including Meta and Alphabet – will report earnings this week.
Their performance will likely influence short-term market dynamics significantly, Mr Innes noted.
Meanwhile, the debate surrounding the United States Federal Reserve’s stance on rate cuts persists, he added.
Mr Innes expects the nature of the soft rebound to hinge largely on how investors interpret the earnings landscape, and in which direction US economic data unfolds in the coming days. THE BUSINESS TIMES
