Singapore Market ends higher

The Singapore stock market finished session slightly higher on Thursday, 10 November 2022, as investors cautiously U.S. inflation data due later in the session which might provide further indications about the Federal Reserve tightening path.

Market participants were also closely watching the U.S. election results as they expect a Republican majority to curtail President Joe Biden's ability to pursue expansive fiscal policy plans, negatively impacting rates.

At closing bell, the Straits Times Index (STI) index advanced 8.29 points or 0.26% to 3,173.79 after trading between 3,152.49 and 3,180.57. Volume was 1.57 billion shares worth S$1.13 billion. There were 257 gainers and 251 decliners.

Supermarkets and hypermarkets firm DFI Retail Group Holdings was the top performer among Singapore's blue-chip stocks, gaining 3.3% to US$2.50. At the bottom of the table was gateway services and food solutions firm SATS which fell 6.3% to S$2.55.

Local lenders were mostly lower. DBS declined 0.4% to S$34.54 and OCBC Bank fell 0.1% to end at S$12.24. UOB climbed 0.2% to S$29.21.

Most key Asian markets were lower on Thursday, 10 November 2022, on following the broadly negative cues from Wall Street overnight, following inconclusive U.S. midterm election result with an unexpectedly tight race between Democrats and Republicans and on caution before U.S. inflation data due out later in the day.

Meanwhile, selloff pressure intensified amid growing concerns over China economic slowdown as the world's second-largest economy again grappling with a COVID surge, with the southern metropolis of Guangzhou reporting thousands of cases.

Japan's Nikkei Stock Average index declined 270.33 points, or 0.98%, to 27,446.10. China's Shanghai Composite Index declined 0.4%, or 12.03 points, to 3,036.13. Hong Kong's Hang Seng Index dropped 277.48 points, or 1.7%, to 16,081.04.

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