Singapore shares book gains in tandem with Apac bourses; STI rises 0.5%
Tay Peck Gek
SINGAPORE stocks posted gains on Monday (Apr 17), taking their cue from counterpart markets in the Asia-Pacific region, as well as a smaller-than-expected decline in exports. The Straits Times Index (STI) rose 0.5 per cent or 16.6 points to 3,319.26 points.
Asia-Pacific indexes closed higher, after China’s central bank decided not to change the one-year medium-term lending facility rate. The decision fuelled optimism among market watchers that the first-quarter economic output of the world’s second-largest economy “won’t be too bad”.
In the city-state, Singapore’s non-oil domestic exports (NODX) contracted for the sixth consecutive month in March, down 8.3 per cent year on year, but the drop was less than what the market had expected. On a seasonally adjusted monthly basis, NODX jumped 18.4 per cent.
Keppel Corporation was the top performer on the STI, jumping 2.5 per cent to S$6.05. This came after the conglomerate expressed hope that the monetisation of its legacy rigs can take place sooner, leading to an earlier repayment on S$4.25 billion worth of vendor notes that it had been issued.
DBS Group Research has reinstated coverage on the counter with a “buy” call and a target price of S$8.30, noting its rise as a global asset manager with developer and operator capabilities.
Mapletree Pan Asia Commercial Trust units closed 1.1 per cent higher at S$1.84, making it the top performer among real estate investment trusts.
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In the broader market, gainers beat decliners 306 to 261 on a trading turnover of 1.2 billion securities worth a total of S$803.9 million.
Sembcorp Marine (Sembmarine) was the most traded counter, with some 222.5 million shares transacted; its price closed unchanged at S$0.118. The company has become a candidate for inclusion in the STI, as its market cap has risen post merger.
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