Singapore stocks end the week on strong note as Wall Street rally continues; STI up 0.9%

THE Straits Times Index (STI) rose 0.9 per cent or 29.04 points to close at 3,181.34 points on Friday (Jul 22), tracking gains on Wall Street.

In the wider Singapore market, gainers outnumbered losers 262 to 153, with 1.3 billion shares worth S$912.5 million traded.

The strong showing on Friday capped a week of see-saw performance for the benchmark index, with the STI eventually ending up 2.7 per cent or 82.19 points for the week.

“Asian markets are mostly higher today, content to follow Wall Street’s overnight rally,” said Oanda senior market analyst Jeffrey Halley. “The fall of oil prices overnight is also supportive of Asian markets, although weekend event risk may also be staying investors' hands.”

Across the key Asian markets, Japan’s Nikkei 225 index, Hong Kong’s Hang Seng Index, the FTSE Bursa Malaysia KLCI and the Jakarta Composite Index rose between 0.2 per cent and 1.1 per cent on Friday. Bucking the trend was South Korea’s Kospi, which fell 0.7 per cent.

The top performer among Singapore’s blue-chip stocks was integrated resort operator Genting Singapore. The counter rose 4.5 per cent or S$0.035 to S$0.81, and was also the most heavily traded constituent stock on Friday with 72.5 million shares changing hands.

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Singapore shares rise at Friday’s open tracking gains in US, Europe; STI up 0.5%

Brokers' take: Maybank upgrades Genting to 'buy' after MBS posts recovery

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The uptick comes after competitor Marina Bay Sands (MBS) saw a recovery in its earnings in the second quarter of 2022. In its latest analyst report, Maybank also upgraded Genting Singapore to “buy” with a higher target price.

At the bottom of the table were Singtel and Sats, which both fell 0.8 per cent. Telecommunications group Singtel shed S$0.02 to close at S$2.65, while inflight caterer and ground handler Sats lost S$0.03 to end at S$3.99.

The trio of local banks all finished higher. DBS gained 1.9 per cent or S$0.59 to S$31.26, UOB rose 1.3 per cent or S$0.36 to S$27.46, and OCBC closed up 0.9 per cent or S$0.10 at S$11.48.