Singapore Shares Hits New Peak on Stability Appeal
The Straits Times Index experienced an uptick of 22 points, or 0.5%, reaching a new high of 4,292 during Tuesday morning's trading session. This marks the continuation of a five-session winning streak. The rise can be attributed to Singapore's robust economic performance, its relatively strong currency, and its increasing attractiveness as a safe haven amidst global uncertainties. In July, inflation in Singapore eased to a 4-1/2-year low of 0.6%. The Monetary Authority of Singapore has indicated that cost pressures should remain mild, forecasting both core and headline inflation to be between 0.5% and 1.5% in the near term. Optimism was further buoyed by speculation that the U.S. Federal Reserve might lower borrowing costs later this month. However, gains were somewhat limited due to apprehension regarding the repercussions of U.S. tariff policies following a court ruling that declared many of President Trump's comprehensive import tariffs illegal. Among sectors, consumer services, healthcare, and utilities were at the forefront of advances. Early notable gainers included Singapore Tech Engineering with a 1.2% rise, UOB Ltd. with a 0.8% rise, Genting Singapore with a 0.7% rise, and Singtel with a 0.5% rise.
Download NOW!
No comments:
Post a Comment