Singapore stocks edge higher on slowing June inflation; STI up 0.7%

The Straits Times07-23

SINGAPORE - Stocks in Singapore ended higher on July 23 as the Republic reported inflation figures that slowed more than expected in June. The benchmark Straits Times Index (STI) rose 0.7 per cent, or...

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Across the broader market, gainers outnumbered losers 288 to 261, after 989.7 million securities worth $909.7 million changed hands.\nThe headline inflation in June was 2.4 per cent – lower than May’s 3.1 per cent and the median forecast of 2.7 per cent in a Bloomberg poll of private-sector economists – due to a decline in private transport costs and lower core inflation.\n\n\n\nCore inflation, which excludes accommodation and private transport, stood at 2.9 per cent, down from May’s 3.1 per cent, and below median estimates of 3 per cent.\n\nMs Selena Ling, chief economist and head of global markets research and strategy at OCBC, noted that inflation risks remain two-sided.\nWhile fresh geopolitical shocks, adverse weather events and renewed transportation disruptions put upward pressure on commodity and shipping costs, any unexpected weakening in the global economy will result in the opposite scenario, Ms Ling said.\n\n\n\nDomestically, a potentially stronger-than-expected labour market could also cause wage growth to re-accelerate, she added.\n\nElsewhere in the region, key indexes were mixed. The Nikkei 225 slipped 0.01 per cent and the Hang Seng Index fell 0.9 per cent.\nMeanwhile, the Kospi Composite Index rose 0.4 per cent, while the FTSE Bursa Malaysia KLCI was up 0.5 per cent.\n\nOn the STI, Seatrium is the biggest gainer, rising 3.5 per cent or $0.05 to $1.50.\nSingtel is the biggest loser, falling 1 per cent or $0.03 to S$3.02.\nThe local banking trio ended higher. DBS Bank rose 1.5 per cent or $0.55 to $36.75, OCBC Bank gained 0.7 per cent or $0.11 to $15.16, while UOB was up 0.9 per cent or $0.29 to $32.86. THE BUSINESS TIMES\n\n\n\n\n\nMore On This Topic\n\n \n\nS’pore core inflation drops to 2-year low in June, full-year overall inflation forecast under review\n\n\n\n \n\nInvest microsite: Get more investment and career tips","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Economic Data","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.3","shortVersion":"4.26.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2453084250"}