Asia equities rise on cooler-than-expected US inflation data, driving the STI up 0.5%

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Last Updated on August 11, 2022 by Bitfinsider

In the midst of a regional rally, Singapore stocks rose for a second day in a row on Thursday, August 11. Traders took solace in the news that US inflation is slowing down. The US inflation figures increased wagers that the Federal Reserve may change course and increase interest rates more slowly.

Major indices in Hong Kong, Australia, and South Korea all saw gains between 1.1 and 2.4 percent, while the benchmark Straits Times Index (STI) finished 0.5%, or 15.63 points, higher at 3,301.96. The market in Japan is closed due to a holiday.

Gainers outweighed losers 304 to 200 throughout the entire market as 1.43 billion stocks worth S$1.28 billion changed hands.

US inflation data, which was billed as the week’s big event by senior market analyst Edward Moya of Oanda, did not dissapoint in indicating that inflation relief is imminent.

However, Capitaland Investment Limited, which abruptly changed from being one of Wednesday’s top performers to lost 4.4 percent after presenting a terrible set of financial results, did not rally with the majority of STI components.

The property investment company attributed a 38.3% decline in earnings to “reduced velocity in asset recycling activities,” particularly in China. The profit fell to S$433 million.

Three other STI counters, Singtel, ST Engineering, and City Development Limited, all closed lower by a margin of 0.1 to 1.1%.

Yangzijiang Shipbuilding, Mapletree Logistics Trust, and Thai Beverage were the top performers, closing up between 2.3 and 2.6 percent. The three banks saw gains of between 0.7 and 1% during trading.

Yangzijiang Financial was the most actively traded counter in the overall market in terms of volume. Following the trade of 89.5 million of its shares worth S$35.3 million, the counter closed down 1.3% at S$0.39.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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