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Singapore – News of more deals between the US and its trading partners gave share markets here and across the region a boost on July 23.

While most details remain to be seen, the agreements struck with the Philippines and Indonesia did encourage local investors to push the Straits Times Index (STI) up 0.6 per cent or 23.02 points to 4,231.28. Gainers dominated, outnumbering losers 427 to 164 on robust trade of 2.4 billion shares worth $1.7 billion.

Key regional markets were in a similar mood: The Kospi in Seoul gained 0.4 per cent; Japan’s Nikkei 225 surged 3.5 percent on news that a similar trade pact was in the works; and Hong Kong’s Hang Seng closed up 1.6 per cent.

Australian stocks rose 0.7 percent on the back of the trade deals, the same increase recorded by Malaysian shares.

The regional gains followed a mixed session on Wall Street overnight, despite assurances that Federal Reserve Chair Jerome Powell could finish out his term if he wishes.

The S&P 500 rose 0.1 percent to another record high, the Dow Jones Industrials added 0.4 per cent while the Nasdaq slipped 0.4 per cent from its July 21 record as doubts crept into the tech sector.

Interactive Brokers senior economist Jose Torres noted that the fading momentum of tech stocks is starting to weigh on US benchmarks, but the wider American market remains positive. He added that the overreliance on the Magnificent Seven tech firms - Apple, Alphabet, Microsoft, Amazon, Tesla, Meta and Nvidia - is contributing to the market turning defensive.

Meanwhile, DFI Retail Group was the STI’s top gainer, adding 9.2 per cent to US$3.45, while ST Engineering led the losers, down 2.1 percent to $8.27.

The trio of local banks closed higher: DBS Bank gained 1.9 percent to $48.13; UOB rose 0.6 percent to $37.23; and OCBC Bank advanced 0.1 percent to $17.21. THE BUSINESS TIMES