US and Singapore Market Summary 

The Straits Times Index (STI) extended its rally into a five-session rising streak on Thursday (Nov 10), even as key Asian markets fell on caution ahead of the release of key US inflation figures. The STI rose 0.2 per cent or 7.68 points to close at 3,173.18. In the broader Singapore market, gainers edged out losers 257 to 251, after 1.57 billion securities worth S$1.13 billion changed hands. DFI Retail Group was the biggest winner on Singapore’s blue-chip index, closing 3.3 per cent or US$0.08 higher at US$2.50. The biggest loser among the STI constituents was SATS, which fell 6.3 per cent or S$0.17 to S$2.55. This came after the inflight caterer and ground handler after market close on Nov 9 reported a net loss of S$9.9 million for its second quarter ended September. Singtel was the most heavily traded blue-chip stock, closing 3.1 per cent or S$0.08 higher at S$2.63, after 59.4 million shares changed hands. Before market open on Thursday, the telecommunications giant declared a special dividend, with net profit up 23 per cent for the first half ended Sep 30. The trio of local banks ended mixed. DBS fell 0.4 per cent or S$0.13 to S$34.54, OCBC dipped 0.1 per cent or S$0.01 to S$12.24, while UOB rose 0.2 per cent or S$0.07 to S$29.21.

Wall Street stocks surged on Thursday and ended with steep gains, including a nearly 1,200-point jump for the Dow, as investors seized on data showing US inflation slowing to spark a rally. The Dow Jones Industrial Average jumped 3.7 per cent to finish at 33,715.37, while the broad-based S&P 500 jumped 5.5 per cent to end at 3,956.37. The tech-rich Nasdaq Composite Index was the big winner, soaring a whopping 7.4 per cent to 11,114.15. The gains came after a closely-watched government data report showed annual consumer price inflation eased to 7.7 per cent in October, the lowest since January. Even though inflation remains near the highest in decades, the slowdown gives hope that the Federal Reserve will be able to ease up on its aggressive interest rate hikes.