Singapore Market edges up ahead of U.S. midterm elections

The Singapore stock market finished choppy session higher on Wednesday, 09 November 2022, as risk sentiments underpinned on tracking positive lead from Wall Street overnight, with investors awaiting U.S. inflation data as well as the results of the U.S. midterm elections that could signify a power shift in Washington.

At closing bell, the Straits Times Index (STI) index advanced 19.67 points or 0.63% to 3,165.50 after trading between 3,143.81 and 3,169.45. Volume was 1.61 billion shares worth S$1.10 billion. There were 323 gainers and 213 decliners.

Data centre firm Keppel DC Reit was the top performer among Singapore's blue-chip stocks, gaining 3.5% to S$1.76. At the bottom of the table was Hongkong Land - part of the Jardine Matheson Group - which fell 1.2% to US$4.13.

Local lenders all ended higher. DBS edged up 0.2% to S$34.67, UOB climbed 1% to S$29.14, and OCBC Bank added 0.8% to end at S$12.25.

Most key Asian markets ended lower on Wednesday, amid caution ahead of the U.S. inflation data as well as the results of the U.S. midterm elections that could signify a power shift in Washington. Also weighing sentiments was official data showing China's factory gate prices went backwards and consumer inflation slowed, highlighting concerns about weakening demand and consumption trend and the economic outlook in the country.

Hong Kong's Hang Seng Index fell 1.2%, Japan's Nikkei 225 lost 0.6% and the Shanghai Composite shed 0.5%, while South Korea's Kospi climbed 1.1%. Australian shares were in the black as well, rising 0.6%.

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