To The Moon

Market Summary 

The Straits Times Index (STI) climbed 1 per cent or 32.47 points to close at 3,260.80 on Monday, while regional markets were mixed. In the broader Singapore market, gainers beat losers 358 to 251, with 2.05 billion securities worth $1.79 billion traded. The best performer on the STI was Mapletree Pan Asia Commercial Trust, which climbed 3.6 per cent or six cents to close at $1.71. Meanwhile, DFI Retail Group came in at the bottom of the table, falling 1.6 per cent or four US cents to US$2.45. The trio of banks were in the black on Monday. DBS gained 0.2 per cent or S$0.07 to close at S$34.86, while OCBC gained 0.4 per cent or S$0.05 to close at S$12.32, and UOB gained 1.5 per cent or S$0.45 to close at S$29.95.

Wall Street stocks ended lower on Monday, stumbling after last week’s rally fueled by hopes the Federal Reserve would ease its interest rate hikes, and as fresh policymaker comments failed to reassure markets. The Dow Jones Industrial Average dipped 0.6 per cent to close at 33,536.70. The broad-based S&P 500 dropped 0.9 per cent to 3,957.25, and the tech-rich Nasdaq Composite Index fell 1.1 per cent to 11,196.22. Equities jumped late last week after official data showed US inflation logged its lowest annual jump since January, boosting hopes the Fed might ease off its aggressive interest rate increases, and perhaps not raise rates as much as anticipated. Fed Vice Chair Lael Brainard said on Monday it would likely be “appropriate soon” for the central bank to slow the pace of rate hikes. However, with inflation still hovering at its highest level in recent decades, Brainard said the Fed still has “additional work to do both on raising rates” and tamping down prices.