Market Summary 

Singapore shares marched forward to extend gains for the sixth straight day on Tuesday (Nov 1), shrugging off overnight losses on Wall Street. The advance comes ahead of the Federal Reserve’s next rate hike move at its policy meeting, which has drawn mixed expectations over a possible dovish pivot to close out the year. The Straits Times Index (STI) rose 37.39 points or 1.2 per cent to 3,130.50. Almost all key gauges across the region, from China, Hong Kong, Japan, Taiwan, South Korea to Australia, posted gains while Malaysia’s key index retreated. Analysts attributed the gains to buy-on-dips activity, despite latest manufacturing data that signalled moderation in growth momentum among Asian economies. Expectations over a possible reopening of China also lifted trading sentiment in the region. On the local bourse, some 2.04 billion securities worth S$1.17 billion were traded. Gainers outpaced losers, with 402 counters up and 184 down. Gains were led by the Jardine stocks, DBS as well as Venture Corp. Sembcorp Marine was the day’s most active counter by volume with some 337 million shares traded. The counter rose S$0.004 or 3.2 per cent to close at S$0.131. The offshore & marine (O&M) giant last week announced sweetened terms for its merger with Keppel’s O&M unit amid stronger order momentum.

Wall Street stocks retreated on Tuesday after mixed US economic data added to nervousness ahead of a major decision by the Federal Reserve. A survey of manufacturers showed the sector barely in growth mode in October, with prices dropping for the first time in more than two years. But that report was offset by Labor Department data showing a surge in open positions in September, surprising investors who have been expecting the jobs market to slow. Markets rallied strongly in October, largely due to expectations that the Fed would soon pivot away from its very aggressive posture of fighting inflation. The Dow Jones Industrial Average finished down 0.2 per cent at 32,653.20. The broad-based S&P 500 shed 0.4 per cent to 3,856.10, while the tech-rich Nasdaq Composite Index declined 0.9 per cent to 10,890.85. Among individual companies, Uber shot up 12 per cent after it reported a surge in quarterly revenue. Pfizer climbed 3.1 per cent as it reported higher quarterly profits while lifting its full-year forecast for coronavirus vaccine sales. Abiomed surged almost 50 percent after announcing it agreed to be acquired by Johnson & Johnson in a deal valued at US$16.6 billion. Johnson & Johnson, which said the transaction would strengthen its cardiovascular capacities, dipped 0.5 per cent.