Singapore shares gained 83 points, or 1.5%, to reach 5,553 around midday on Wednesday, extending their winning streak to a tenth straight session. The market tracked the strong overnight rally on Wall Street, as softer US inflation data dampened expectations of further Federal Reserve interest rate hikes.
The benchmark index notched a fresh record high and broke decisively above the 5,500 level, driven primarily by strength in financials, technology services, industrial services, and producer manufacturing stocks. Momentum was supported by substantial institutional buying, which had already propelled the index to a record close in the previous session.
Investors also remained focused on upcoming June non-oil domestic exports data, due Friday, after May’s figures posted the strongest growth since 2003, underpinned by robust AI-related demand.
Among blue chips, Oversea-Chinese Banking Corp. added 2.2%, DBS Group Holdings climbed 2.1%, Hongkong Land Holdings rose 2.0%, and United Overseas Bank advanced 1.6%.
