US earnings lift STI but growth concerns remain

Index builds on early gains and finishes at 3,134.71, up 18.54 points; other Asia-Pacific indices such as Japan, Malaysia also higher

Published Wed, Oct 16, 2019 · 09:50 PM

Singapore Stocks

SINGAPORE equities raced ahead on Wednesday boosted by the rally on Wall Street, which was supported strong Q3 earnings from major US banks on Tuesday.

The Straits Times Index (STI) opened the day 0.4 per cent higher and built on early gains to finish at 3,134.71, advancing 18.54 points or 0.6 per cent. Among other Asia-Pacific indices, Australia, Hong Kong, Japan, Malaysia and South Korea all posted gains.

Of note was the Hang Seng Index. It slipped into negative territory when Hong Kong chief executive Carrie Lam temporarily abandoned her policy speech to the Legislative Council after being heckled by opposition lawmakers. But the benchmark rallied to close 160.35 points of 0.6 per cent up at 26,664.28 after Ms Lam pledged to relax mortgage rules to help first-time home buyers. The m…

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