Local shares end Wednesday in the black, STI up 0.4%

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Uma Devi

Published Wed, Jun 1, 2022 · 06:01 PM

Across the region, indices ended the trading day mixed as worries about key macroeconomic issues affected markets to varying degrees. The Straits Times

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THE Singapore stock market capped Wednesday’s (June 1) trading session on a more upbeat note, as investors sought comfort in the ending of virus restrictions in Shanghai. However, there were still worries about the start of the quantitative tightening by the US Federal Reserve this week, as well as interest rates.

The Straits Times Index finished the day up 0.4 per cent or 11.51 points at 3,244. Across the broader market, daily turnover came in at 1.3 billion securities worth a total of some S$1.2 billion. Losers slightly outpaced gainers 234 to 220.

Across the region, indices ended the day mixed as worries about key macroeconomic issues affected markets to varying degrees. The Nikkei 225 rose 0.7 per cent, and the ASX 200 was up 0.3 per cent. On the other hand, the KLCI slipped 1.1 per cent; the SSE Composite Index fell 0.1 per cent, and the Hang Seng Index shed 0.6 per cent.

Despite the bounce in certain markets, Oanda’s senior market analyst Jeffrey Halley cautioned that Shanghai’s easing of virus restrictions may not necessarily offer an “instant panacea to an Asian slowdown”. He warned that any returning outbreaks in Beijing, Shanghai or Shenzhen will “put China back to square one”.

On the local bourse, Jardine Matheson Holdings was the biggest gainer, adding 1.5 per cent or US$0.87 to US$58.91. Thinly traded luxury watch retailer Cortina Holdings was also another top advancer, gaining 6.9 per cent or S$0.30 to close at S$4.65.

Of the trio of local lenders, 2 were among the biggest advancers. DBS was up 0.9 per cent or S$0.27 to S$31.21, while OCBC rose 0.7 per cent or S$0.08 to S$11.91.

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UOB , however, was the biggest decliner for the day. The stock closed at S$29.04, down 1.6 per cent or S$0.47.

Sats was also another one of the biggest losers, shedding 2.7 per cent or S$0.12 to S$4.26. DBS Group Research had cut its call on the counter to a “hold” from the previous “buy”, citing the company’s lower-than-expected latest quarterly results and rising cost pressures on operating margins.

Sembcorp Marine was the most heavily traded counter, with 119.7 million shares changing hands over the course of the day. The stock closed at S$0.117, down 1.7 per cent or S$0.002.