Singapore Market extends gain US-China talks

The Singapore stock market finished session higher on Tuesday, 15 November 2022, as traders risk sentiments improved on China's relaxation of its COID-related quarantine measures and optimism over the outcome of a face-to-face meeting between U.S. President Biden and his Chinese counterpart.

Traders shrugged off softer than expected China's key October economic data. Industrial production rose by 5% last month, year on year. But retail sales fell by 0.5% in October, down from 2.5% growth in September.

At closing bell, the Straits Times Index (STI) index advanced 14.48 points or 0.44% to 3,275.28 after trading between 3,261.96 and 3,285.72. Volume was 1.89 billion shares worth S$1.45 billion. There were 335 gainers and 261 decliners.

DFIRG was the top performer among Singapore's blue-chip stocks, gaining 2% to US$2.54. At the bottom of the table was Sembcorp, which fell 3% to S$2.93.

Local lenders were higher. DBS added 0.9% to S$35.18, OCBC Bank rose 1.2% to S$12.47. UOB climbed 0.1% to S$30.

Singapore real estate investment trusts, or S-Reits, were broadly higher on expectations that inflation is being controlled and the US interest rates cycle could ease in the next few months.

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