Singapore shares barely move on Monday

SINGAPORE equities got the week off to a quiet start in a session that saw regional peers lifted by China's stimulus measures and hopes that the US Federal Reserve will lower rates this month.

The Straits Times Index (STI) barely moved, adding just 1.85 points or 0.06 per cent to finish at 3,146.33 on Monday.

Elsewhere in the Asia-Pacific, Australia, China, Japan and South Korea were higher. Like the local market, Hong Kong was little changed.

In Singapore, trading volume clocked in at 893.24 million securities, three-quarters the daily average in the first seven months of 2019. Total turnover came to S$728.03 million, 69 per cent of the January-to-July daily average.

Across the market, decliners outpaced advancers decliners 192 to 166. The blue-chip index had 12 of the 30 counters in the red.

Yangzijiang Shipbuilding continued its run as the STI's most active counter, closing flat at S$0.98, with 42.6 million shares changing hands. The shipbuilder's shares have gained 4.3 per cent since it inked new orders for five vessels last week.

The local banks were mixed. DBS Group Holdings added one Singapore cent or 0.04 per cent to S$24.77 and United Overseas Bank was S$0.04 or 0.2 per cent higher at S$25.54. Meanwhile, OCBC Bank ended at S$10.82, down three Singapore cents or 0.3 per cent.

Citi Research said that the outlook for Singapore banks in the second half of the year remains cautious due to their exposure to Hong Kong and macroeconomic headwinds that the Singapore economy is currently facing.

Real estate player UOL Group dipped one Singapore cent or 0.1 per cent to S$7.47 after it launched sales for Avenue South Residences last Friday. Take-up rates met expectations, analysts said.

Among penny stocks, TEE International shares faced a sell-off, skidding 0.7 Singapore cent or 15.2 per cent to 3.9 Singapore cents after revealing the appointment of an independent investigator to look into unauthorised transactions totalling S$6.55 million made by its subsidiaries to related parties.