SINGAPORE – Robust gains on Wall Street overnight on the back of sound corporate earnings reports gave regional investors the incentive they needed to send shares higher on April 24.

The outcome here was muted but the Straits Times Index (STI) still advanced 0.6 per cent, or 20.41 points, to 3,293.13. In the broader market, gainers thumped losers 405 to 205 on solid trade of 1.9 billion securities worth $1.5 billion.

Elsewhere, the Nikkei 225 in Tokyo rose 2.4 per cent, Hong Kong’s Hang Seng gained 2.2 per cent and the Kospi in Seoul put on 2 per cent, while Malaysian shares increased 0.6 per cent.

The regional optimism failed to reach Australia, where shares ended flat after stronger-than-expected inflation data pushed back hopes for interest rate cuts.

Mr Yeap Jun Rong, market analyst at IG, said weaker-than-expected flash purchasing managers’ index figures in the US were cheered overnight, with markets expecting the data to offer room for the Federal Reserve to consider earlier rate cuts.

Wall Street was also cheered by strong profit results from giants like General Motors and UPS. The tech-heavy Nasdaq surged 1.6 per cent, the S&P 500 added 1.2 per cent and the Dow Jones Industrial Average ended 0.7 per cent ahead.

While carmaker Tesla missed analyst expectations and posted a downbeat outlook, markets received some consolation from the guidance for an earlier launch of new cheaper models, Mr Yeap added.

He also noted that lower US Treasury yields, a weaker US dollar and Tesla’s earnings may also bode well for risk sentiment across the region.

DFI Retail Group was the biggest gainer on the STI, rising 4.3 per cent to US$1.93, while Jardine Cycle & Carriage was the biggest decliner, falling 1 per cent to $26.38.

The local banks ended mixed. OCBC Bank gained 0.9 per cent to $14.15 and UOB rose 0.2 per cent to $31.15, but DBS Bank lost 0.7 per cent to $34.38. THE BUSINESS TIMES