Singapore stocks end week on a high amid bargain hunting; STI up 1.5% on Friday
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Uma Devi
SINGAPORE shares capped the week on an upbeat note, as the beginning of the third-quarter corporate earnings season helped boost investor sentiment.
The Straits Times Index (STI) finished Friday’s (Oct 28) trading session 1.5 per cent or 43.95 points higher at 3,059.19. Daily turnover stood at 1.9 billion securities worth a total of about S$1.6 billion. However, decliners outnumbered advancers 271 to 247.
SGX market strategist Geoff Howie noted that for the four-session week, the STI had gained a total of 89 points or 3 per cent.
Prior to Friday’s session, real estate investment trusts, banks and other financial services had seen the largest net institutional outflows in Singapore in October, he said.
On the local bourse, UOB was the top advancer, after the bank announced a 34 per cent increase in Q3 earnings to S$1.4 billion on the back of record net interest income. The counter closed at S$27.06, up 4 per cent or S$1.04.
The other two lenders were also among the top gainers. DBS rose 3 per cent or S$0.97 to S$33.78, and OCBC was up 1.8 per cent or S$0.21 at S$11.99.
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Howie said the trio of banks ended the week up 4.1 per cent. DBS will report its quarterly earnings on Nov 3, while OCBC is set to announce its results on Nov 4.
Keppel Corporation was also among the top performers on Friday, gaining 4.7 per cent or S$0.31 to S$6.96. The group posted a 24 per cent year-on-year increase in revenue for the first nine months to $6.8 billion on Thursday.
Nio was the biggest loser for the day, with the counter crashing 8.2 per cent or US$0.84 to US$9.44.
CapitaLand Investment was another top decliner, shedding 3.2 per cent or S$0.10 to S$3.03. Sheng Siong , which reported a 4.6 per cent decline in Q3 net profit to S$32.8 million, also ended down 3.1 per cent or S$0.05 at S$1.56.
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