Singapore stocks end four days of losses; STI closes 1.6% higher
Across the broader market, gainers beat decliners 379 to 207
Add BT as a preferred source
AFTER four days of closing in the red, Singapore shares rallied on Wednesday (Aug 7), with the blue-chip barometer Straits Times Index (STI) rising 1.6 per cent or 51.28 points to 3,249.72.
This came as global equity markets put Monday’s rout behind, with Wall Street indices closing higher overnight and Asian markets rising on Wednesday.
Alessandro Fezzi, LGT’s head of research, content and publication, wrote in a post: “We currently seem to be observing a certain degree of consolidation or stabilisation. Whether the stock markets can now start to recover or whether the downward trend will continue is difficult to answer. Apart from isolated company news, there is likely to be a lack of real impetus over the next few days.”
Companies that announced favourable financial results saw their share price getting support from investors.
Sembcorp Industries shares closed at S$4.73, S$0.28 or 6.3 per cent higher, a day after the company announced that net profit for the half year was up 2 per cent in the absence of loss from a discontinued operation. It was the counter with the best performance among the constituent stocks.
DBS Group Research gave the counter a “buy” recommendation with a higher target price of S$7.35 as it raised FY2025 earnings forecast by 6 to 11 per cent.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
DBS shares rose 2.7 per cent or S$0.90 to S$33.65, after the bank posted a 6 per cent improvement in its second-quarter net profit to S$2.79 billion. It is rewarding shareholders with a S$0.10 higher quarterly dividend of S$0.54 a share.
Gainers beat decliners 379 to 207 across the broader market, with a trading turnover of 1.2 billion securities valued at nearly S$1.8 billion in total.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
Is it time to scrap COE categories for cars?
Thai and Vietnamese farmers may stop planting rice because of the Iran war. Here’s why
As more Asean states turn to Russia for fuel, will Moscow boost its influence in the region?
