The benchmark Straits Times Index (STI) rose 27 points, or 0.5%, to 5,738 in Monday morning trade, extending gains from the previous session and reaching its highest level since September 8. The advance was driven mainly by strength in the financial, communication, and technology services sectors.
The financial sector climbed 0.9%, helping to counter concerns over rising global bond yields. All three local banks traded higher: UOB gained 1.6%, OCBC Bank added 0.6%, and DBS advanced 0.5%. Market participants, however, remained cautious ahead of the release of Singapore’s August industrial production data.
Upside in the broader market was limited by rising oil prices after US President Trump rejected Iran’s proposal to reopen the Strait of Hormuz. Sentiment was further tempered by caution ahead of key economic releases due later this week, including China’s PMI data, US employment figures, and the US PCE Index, all of which could influence the Federal Reserve’s upcoming interest-rate decision.
Among the notable early gainers were Singapore Airlines, up 1.1%; SATS, up 1.0%; and Jardine Matheson Holdings, which rose 0.7%.
