Singapore stocks track regional gains on Wednesday; STI up 0.1%

[SINGAPORE] Local stocks ended higher on Wednesday (May 7), tracking gains in the region.

The benchmark Straits Times Index (STI) gained 0.1 per cent or 4.96 points to 3,865.37. Across the broader market, gainers outnumbered losers 302 to 194, after 1.3 billion securities worth S$1.7 billion changed hands.

Elsewhere in the region, Hong Kong’s Hang Seng Index rose 0.1 per cent and the Shanghai Stock Exchange Composite Index was up 0.8 per cent.

South Korea’s Kospi also gained 0.6 per cent, and Malaysia’s KLCI was up 0.9 per cent. Meanwhile, Japan’s Nikkei 225 fell 0.1 per cent.

The People’s Bank of China announced its first interest rate cut since September to support economic activity and investor sentiment, noted Mansoor Mohi-uddin, chief economist at Bank of Singapore.

Mohi-uddin said Wednesday’s moves were modest ahead of Beijing’s trade talks with Washington.