Singapore Market ends in Green

The Singapore stock market finished session higher on Monday, 09 January 2023, joining regional rally, as risk sentiments improved on full reopening of the world's second-biggest economy and expectations of slower U.S. rate hikes.

At closing bell, the Straits Times Index (STI) index was up 28.95 points, or 0.88%, to 3,305.67 after trading between 3,291.04 and 3,343.47. Volume was 1.09 billion shares worth S$1.30 billion changed hands. There were 341 gainers and 241 decliners.

Market commenced trading with a firm footing as investors sentiment improved on news of a slowdown in US wage growth, which eased investor worries on the US Federal Reserve's stance on monetary policy.

Meanwhile, sentiments strengthened further as China opened sea and land crossings with Hong Kong on Sunday and ended a requirement for incoming travellers to quarantine, dismantling a final pillar of a zero-COVID policy.

The first day of China reopening on Sunday saw as many as 45,000 people crossing the Hong Kong-mainland China border on either direction at four land ports and one ferry terminal, according to provisional immigration figures.

The top performing stock in Straits Times Index was Thai Beverage Public Co which rose 2.9% to S$0.71, while the bottom performing stock was Yangzijiang Shipbuilding (Holdings), falling 1.62% to S$1.21, as the company disclosed that a winding-up application has been filed against its unit, Yangzijiang Shipping, by Trinity Seatrading relating to a dispute involving an oil tanker.

The local banks were higher. United Overseas Bank was down 0.55% to S$30.67, while Oversea-Chinese Banking Corp added 1.6% to S$12.70 and DBS was up 2.26% to S$35.25.

In corporate news, Shares of AEM Holdings closed 1% lower, as the semiconductor equipment firm opened up a new 365,000-square-foot manufacturing plant in Penang, Malaysia for the development of advanced testing and handling equipment.

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