Seatrium dives after Friday results release, pulling STI down 1.1%

SINGAPORE equities fell on Friday (Aug 2), as earnings reports moved counters on the local bourse.

The benchmark Straits Times Index (STI) slid 1.1 per cent or 38.39 points to 3,381.45.

Across the broader market, decliners beat advancers 422 to 199. More than 1.3 billion shares worth S$1.7 billion changed hands throughout the day.

In the region, key indices were in the red. Hong Kong’s Hang Seng Index shed 2.1 per cent, while South Korea’s Kospi Composite Index declined 3.7 per cent. Japan’s Nikkei 225 dived 5.8 per cent. The Bursa Malaysia Kuala Lumpur Composite Index lost 0.8 per cent.

Back home, offshore and marine player Seatrium fell 11.3 per cent or S$0.19 to S$1.49, at the bottom of the STI. The group on Friday posted a profit of S$36 million for H1 FY2024, reversing from a loss in H1 FY2023.

In contrast, pan-Asia retailer DFI Retail Group rose to the top of the index as its counter gained 2.3 per cent or US$0.04 to US$1.78. The group more than doubled its underlying profit for the six months ended June to US$75.6 million, it reported on Thursday.

SEE ALSO

7-Eleven operator DFI Retail wants a big bite of ready-to-eat food

DFI Retail Group more than doubles  H1 underlying profit to US$75.6 million, raises dividend

Seatrium marks turnaround with H1 net profit of S$36 million

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The trio of local banks retreated on Friday. DBS declined 1.9 per cent or S$0.67 to S$35.31, while OCBC edged down 0.1 per cent or S$0.02 to S$14.80. UOB , meanwhile, shed 0.7 per cent or S$0.21 to S$31.83.

In a Friday report after UOB’s second-quarter results release, RHB analysts said UOB’s preference for capital retention means yields and dividend per share growth are more muted, even as investors focus on dividend yields during a rates down cycle.