Rising tide for Seatrium lifts Singapore benchmark marginally; STI up 0.1%
Across the broader market, advancers beat decliners 328 to 236
THE Straits Times Index (STI) finished Monday (May 27) at 3,318.45, up 1.89 points or 0.1 per cent.
Across the broader market, advancers beat decliners 328 to 236, with S$967.7 million worth of securities changing hands.
Seatrium was the most heavily traded stock by value. The provider of engineering solutions to the offshore, marine and energy industries gained 11.7 per cent or S$0.18 to end the day at S$1.72, following news of a contract win.
On Saturday, Seatrium announced it will supply floating production storage and offloading (FPSO) vessels to Brazilian oil company Petrobras. The contracts are valued at approximately S$11 billion.
FPSO vessels are used to process crude oil and other hydrocarbons from subsea oil wells.
Seatrium’s gains made it the top performer in the STI on Monday, helping to lift the index. It has a small weighting, however – roughly 1.1 per cent, according to Bloomberg calculations.
The second-best performer was ground handler and cargo company Sats, which gained 3.9 per cent or S$0.10 to S$2.65. The company will release its financial results for FY2024 on Thursday, before market trading hours.
Most East Asian markets ended the day in positive territory as well, possibly on the back of upward momentum from Friday. Japan’s Nikkei 225 gained 0.7 per cent, Hong Kong’s Hang Seng Index rose 1.2 per cent, while the Shanghai Composite Index closed up 1.1 per cent.
Several of South-east Asia’s benchmarks, however, ended lower. Malaysia slipped 0.1 per cent, Indonesia fell 0.6 per cent, and the Philippines lost 0.7 per cent.
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