Singapore stocks gain along with Asia; United Overseas Bank, DBS top gainers

Singapore stock exchange
An SGX sign is pictured at Singapore Stock Exchange Reuters

Singapore shares ended higher on Thursday, in tandem with the gains in Asian equities, supported by industrial stocks.

Asian shares rose after last week's sharp losses, despite a flat session on the Wall Street overnight, underpinned by economic growth recovery.

The U.S. Federal Reserve flagged interest policy tightening later this year and upgraded inflation outlook, at its policy meeting on Wednesday, Reuters reported. It kept interest rates on hold as expected.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1 percent in early trade, slowly recovering after Tuesday's 1.4 percent fall.

The Straits Times Index rose 0.37 percent or 13 points to 3,547. It ended 0.42 percent lower on Wednesday, taking the year-to-date gains to about 4 percent.

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The city-state's top lenders Oversea-Chinese Banking Corp dropped 0.1 percent but United Overseas Bank gained 2 percent while DBS Group Holdings advanced 0.9 percent.

Active stocks included, Hoe Leong Corp climbing 23 percent to S$0.04 while SinoCloud Group surged 100 percent to S$0.002 in afternoon trades. Jardine Matheson Holdings rose as much as 2 percent.

Cruise ships operator Genting Hong Kong lost 4.4 percent after the company said it is expected to report another consolidated net loss for the year ended December 31.

Shares in Noble Group lost 6 percent. The commodities trader on Wednesday denied allegations by its shareholder Goldilocks Investment Company over market manipulation, negligent misstatements and minority oppression by the firm.

About 2.8 billion shares worth S$1.7 billion changed hands, with gainers outnumbering losers 222 to 219.

This article was first published on February 1, 2018