Market Commentary - Foreign Markets
Singapore Exchange: Market closes 0.26% As on : 17-May-24  15:45

The Singapore share market finished session on a positive note on Friday, 17 May 2024, as risk appetite buying boosted by renewed hopes for at least two U.S. rate cuts this year following a smaller-than-expected rise in consumer inflation.

At closing bell, the Straits Times Index (STI) index was up 8.49 points, or 0.26% to 3,313.48 after trading between 3,292.13 and 3,313.48. Across the broader market, advancers outpaced decliners with 333 to 248, with 1.16 billion securities worth S$1.09 billion changed hands.

The biggest gainer on the STI was Jardine Cycle & Carriage, up 1.6% to S$27.39. Seatrium was the worst performer on the STI for the day, down 2.48% to S$1.57.

Banking stocks ended the day mostly higher. United Overseas Bank was up 0.5% to S$30.27, DBS Group Holdings added 0.42% to S$35.70, and Oversea-Chinese Banking Corp rose 0.98% at S$14.40.

In economic news, Singapore's non-oil domestic exports declined 9.3% year over year in April, slowing from the 20.8% contraction in the previous month, with electronics exports recording a growth while non-electronics posting a decline, according to a report from Enterprise Singapore.

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