The Singapore Straits Times Index (STI) advanced 0.56% to 3,925.98, extending its two-session rally, primarily fueled by financial and property sectors despite industrial weakness. This occurred amidst mixed global cues, as U.S. equities finished largely flat due to profit-taking following recent highs and ongoing Middle East monitoring. Concurrently, U.S. new home sales declined substantially in May, while crude oil prices rose on inventory drawdowns and strong gasoline demand; Singapore's May industrial production figures, expected to show a monthly contraction, are due for release.
The Singapore Straits Times Index (STI) posted a second consecutive day of gains, rising 0.56% to close at 3,925.98, driven primarily by strength in the financial and property sectors. Notable performers included United Overseas Bank, which rallied 1.05%, and Hongkong Land, which soared 1.83%. However, these gains were partially offset by weakness in industrial issues, such as Yangzijiang Shipbuilding's 1.35% decline, indicating a narrow market advance. This performance occurred against a backdrop of muted global sentiment, with U.S. markets finishing mixed and flat after profit-taking erased early gains that had pushed indices to four-month intraday highs. The upcoming release of Singapore's May industrial production figures presents a key near-term risk, with economists forecasting a 2.5% month-on-month contraction and a 2.6% year-on-year rise, a significant deceleration from April's robust growth. Meanwhile, rising crude oil prices, supported by U.S. inventory draws, and a reported pullback in U.S. new home sales add to a complex global macroeconomic picture.
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mildly positive
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0.25
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