[SINGAPORE] Shares on the Singapore bourse ended higher on Wednesday (May 28), even as other regional markets languished in the red.
In Singapore, the benchmark Straits Times Index (STI) rose 0.4 per cent or 15.83 points to 3,911.92.
Across the broader market, advancers edged out decliners 233 to 224, after 1.2 billion securities worth S$1.2 billion were traded.
The top gainer on the benchmark index was Thai Beverage, which rose 2.2 per cent or S$0.01 to S$0.47. The beverage distributor was also the most actively traded counter by volume, with 48 million units worth S$22.5 million traded.
The biggest decliner was investment holding company Jardine Cycle & Carriage. The counter, which was trading ex-dividend, fell 3.9 per cent or S$1.00 to S$24.93
Markets across the region were mostly in the red on Wednesday. Australia’s ASX 200 fell 0.1 per cent; Hong Kong’s Hang Seng Index slid 0.5 per cent. Japan’s Nikkei 225 ended flat.
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Their performance bucked Wall Street’s the night before. US markets rose the day before in reaction to the news of US President Donald Trump’s administration delaying the implementing tariffs on Europe.
Peter Bates, the portfolio manager for global select equity strategy at investment management company T. Rowe Price Group said that the persistent US fiscal deficit – which exceeds 6 per cent of the country’s gross domestic product – could affect US equities.
“If this raises doubts about the US’ creditworthiness, it could push 10-year yields above 5 per cent, pressuring equity valuations,” he said.
Nevertheless, he remained bullish on US stocks in the long-term as he believes the US market is more likely to attract long-term opportunities.
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