Reits show strength on Wednesday even as Singapore shares close flat

SINGAPORE shares closed unchanged on Wednesday (Jul 6), even as regional markets mostly fell, with strength recorded among real estate investment trusts (Reits).

The benchmark Straits Times Index (STI) fell 0.01 per cent or 0.45 points to close at 3,103.66.

Elsewhere, key indices in Japan, Hong Kong, South Korea and Malaysia fell by between 1.2 and 2.1 per cent.

Oanda senior market analyst, Jeffrey Halley, said: “Asian markets are mostly having a bad day at the office as they race to price in both a US recession overnight and also the potential for wider virus restrictions in China.

“The prospect of more Covid zero restrictions in China is an unwelcome dose of reality for Asia and is certainly carrying more weight, although Asian currency weakness is also in play.”

Across the broader Singapore market, decliners outnumbered gainers 268 to 222 after 1.3 billion securities worth S$1.1 billion were traded.

Shares of Hongkong Land were the top decliner on the STI, having fallen 2.2 per cent to close at US$4.96.

The top 4 gainers on the index were Reits.

Units of Mapletree Logistics Trust ended the day at the top of the index performance table, climbing 3.6 per cent to close at S$1.74. The other strong performers were Keppel DC Reit, Frasers Logistics & Commercial Trust and , which rose 2.6, 2.2 and 1.9 per cent respectively.

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However, Singapore’s largest Reit, CapitaLand Integrated Commercial Trust , bucked the trend, amid active trading. The counter fell 1 per cent to S$2.05, with 45.6 million units worth S$93.3 million being traded.