Singapore Market gains 0.5%

The Singapore stock market finished the session on a high note on Friday, 27 January 2023, as risk sentiments lifted by tracking a solid rally on Wall Street overnight and other regional bourses, following the release of upbeat U.S. economic data, including stronger than expected GDP growth data.

At closing bell, the Straits Times Index (STI) index was up 17.02 points, or 0.5%, to 3,394.21, after trading between 3,379.15 and 3,395.79. Volume was 1.56 billion shares worth S$1.40 billion changed hands. There were 335 gainers and 222 decliners.

The top performing stock in Straits Times Index was Keppel DC REIT which rose 2.95% to S$2.09, while the bottom performing stock was Yangzijiang Shipbuilding (Holdings), falling 1.57% to S$1.25.

The local banks were higher. United Overseas Bank was up 0.2% to S$30.19, while Oversea-Chinese Banking Corp added 0.46% to S$13 and DBS was up 0.76% to S$35.97.

In corporate news, shares of Frasers Centrepoint Trust rose nearly 2%, as the trust teamed up with Frasers Property to acquire a 50% stake in Singaporean retail mall NEX for S$652.5 million.

Amos Group shares climbed up 9% after the company raised about S$4.1 million in net proceeds from its rights issue of up to 29,761,576 shares.

Markets in the Asia-Pacific traded modestly higher on Friday, 27 January 2023, on tracking positive cues from Wall Street overnight, thanks to upbeat U.S. economic data, including stronger than expected GDP growth and a more than expected surge in economic activity in the fourth quarter.

Australia's &P/ASX200 index was up 0.34%, to 7,493.83. Japan's 225-issue Nikkei Stock Average index edged up 0.07% to 27,382.56. Hong Kong's Hang Seng index advanced 0.54% to 22,688.90, South Korea's KOSPI index grew 0.6% to 2,484.02, and Taiwan's Taiex index rose 0.04% to 14,932.93. India's Nifty50 index slid 1.7% to 17593.70. China market closed for the Lunar New Year holiday.

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