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  • Singapore Market rises as bank jitters calm
  • March 29,2023  16:11
  • The Singapore stock market finished session higher on Wednesday, 29 March 2023, as investors continued hunting recently battered stocks on calming banking sector concerns in capital markets around the region.

    At closing bell, the Straits Times Index (STI) index was up 7.00 points, or 0.22%, to 3,262..54 after trading between 3,242.49 and 3,270.38. Volume was 1.76 billion shares worth S$1.06 billion changed hands. There were 341 gainers and 215 decliners.

    The top performing stock in Straits Times Index constituents was SATS - Singapore Airport Terminal Services which rose 8.23% to S$2.76, while the bottom performing stock was Frasers Logistics & Commercial Trust, falling 1.6% to S$1.27.

    The local banking trio, accounting for a weighting of over 40% of the STI, were mixed. United Overseas Bank added 0.64% to $29.95, DBS fell 0.1% to $33.59, and Oversea-Chinese Banking Corp was 0.16% lower at $12.53.

    ECONOMIC NEWS: Singapore Producer Prices Decline 0.9% In February --Singapore's producer prices decreased in February as the oil and non-oil index contracted, data from the Department of Statistics showed on Wednesday. The manufacturing producer price index fell 0.9% year-on-year in February, reversing a 0.9% rise in the prior month. The oil index dropped 1.8% annually in February, and the non-oil index showed a decrease of 0.8%. Domestic supply prices were 4.7% lower in February from a year ago, after a 1.5% drop in January. This was the second successive monthly fall. On a monthly basis, producer prices edged up 0.1% in February, in contrast to a 1.7% decline in the previous month.

    Separate data from the statistical office revealed that import prices slid at a faster pace of 4.4% yearly in February, after a 1.7% drop in the prior month. Monthly, import prices increased 0.6% from January, when they edged lower by 0.3%. Data showed that export prices registered a decrease of 4.7% yearly in February, and they dropped 0.7% compared to a month ago.

    The Singapore Manufactured Products and Domestic Supply Price indices rose 0.1% and 0.4% respectively in February 2023 over January 2023. Excluding Oil, both indices increased 0.3% and 0.1% respectively.

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