Singapore stocks buck downtrend in key Asian markets

$FTSE Singapore Straits Time Index(.STI.SG)$ rose 0.3 per cent or 8.41 points to 3,321.82. The gauge was 0.6 per cent higher than last Friday’s close.

Asian markets were in a sea of red after a sell-off on Wall Street on Thursday. Sentiment was hit by the Federal Reserve possibly further raising interest rates, a slowing economy with accompanying recession fears, as well as lacklustre earnings from $Tesla(TSLA.US)$ and several regional banks.

$SIA(C6L.SG)$ posted a 0.5 per cent gain in its share price to S$5.86. The group flew 2.7 million passengers in March, up 14.1 per cent month on month at a group load factor of 89 per cent, or 2.4 percentage points higher month on month.

Another STI stock, $Genting Sing(G13.SG)$ , closed 1.8 per cent higher at S$1.16, a day after Singapore achieved post-pandemic record-high tourist arrivals of one million in March. CGS-CIMB raised its target price on the integrated resort operator to S$1.26 from S$1.15 after the good performance of its peer, Marina Bay Sands. The research house’s higher projections are based on expectations that the group’s profitability will continue to improve throughout the year, as flight capacities to and from China gradually increase with the country’s reopening.