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The broad-based recovery in US stock markets overnight has created a positive feedback loop into the major Asian benchmark stock indices. As at today’s Asia mid-session, we witnessed a sea of green: Japan’s Nikkei 225 was up +0.97% (to 28,362), South Korea’s KOSPI 200 rose +1.34% (421.03), China’s CSI 300 was up +1.54% (5,501), Hong Kong’s Hang Seng index climbed +1.20% (29,240) and the Hang Seng TECH Index was +2.11% higher (9,973). Australia’s ASX 200 rose +1.50% (6,762) and Singapore’s Strait Times Index was up +0.44% (2,908).
The Singapore’s Strait Times Index (STI) is underperforming against its Asian peers after being dragged down by three bank heavyweights, which have a combined weighting of close to 38% in terms of market capitalisation: DBS Group, United Overseas Bank and Oversea-China Banking Corp have recorded losses between -0.30% to -0.40% so far.