Singapore Stocks Jump from Near 8-Month Low
In Thursday morning trading, Singapore's stock market experienced a notable upswing, with the main index climbing 200 points, or 5.9%, to reach 3,594. This marks a significant rebound from the previous session's lows, which were almost at a six-month nadir. The upswing aligns with a robust rally on Wall Street overnight, following President Trump's announcement of a 90-day suspension on hefty reciprocal tariffs, excluding those on China. The Straits Times Index successfully eradicated losses accrued over the prior eight sessions, with nearly all sectors witnessing gains, spearheaded by industrial services. Despite this upward trend, traders remain vigilant concerning the ongoing trade tensions between the US and China, particularly in light of China's recent travel advisory against the US issued on Wednesday. Additionally, gains were moderated by the latest economic data from China, which revealed a dip in consumer prices for the second consecutive month and the sharpest fall in producer prices in four months, underscoring the subdued domestic demand. Leading the market's top performers were SATS with an 11.4% rise, followed by DBS Group at 8.3%, UOB at 8.1%, Seatrium at 7.7%, and OCBC at 7.6%.
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