Singapore Exchange Market closes marginally higher

The Singapore stock market finished choppy session edged higher on Monday, 27 May 2024, as investors took heart from gains in Wall Street last Friday, due to strong performance from generative artificial intelligence-linked stocks. However, market gains were limited due to holidays in Britain and the United States and on caution ahead of U.S. and European inflation readings this week for clarity on the global interest rate outlook.

At closing bell, the Straits Times Index (STI) index edged up 1.89 points, or 0.06% to 3,318.45 after trading between 3,308.94 and 3,324.07. Across the broader market, advancers outpaced decliners 328 to 236, with 1.27 billion securities worth S$967.69 million changed hands.

Seatrium was the top constituent gainer for the day, rising 11.7% to S$1.72. Hongkong Land was the top decliner on the STI for the day, down 1.18% to S$3.35.

Banking stocks ended the day lower. Oversea-Chinese Banking Corp decreased by 0.07% at S$14.44, DBS Group Holdings fell 0.05% to S$35.85, and United Overseas Bank was down 0.16% at S$30.50.

Shares of Olam Group surged nearly 6% after it repurchased 250,000 in the open market on Friday for S$276,298.

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