STI rises 0.3% after China unveils property stimulus
Index stocks almost evenly split between gainers and decliners
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
SINGAPORE’S Straits Times Index (STI) wrapped up trading higher on Friday (May 17), as the gauge reclaimed lost ground from mid-afternoon after China unveiled sweeping measures to rescue its property market.
The STI closed 0.3 per cent or 8.49 points up at 3,313.48 points.
The blue-chip barometer had opened higher but took on a downward trajectory before China announced drastic measures to prop up the beleaguered property market.
Beijing removed the floor on mortgage rates and encouraged local governments to acquire homes to convert them into affordable housing. The key gauges in mainland China and Hong Kong rose about 1 per cent, against a mixed regional showing.
In Singapore, the index stocks were almost evenly split between gainers and decliners, but the scale was tipped by the banking trio which make up over 40 per cent of the index weighting finishing higher.
Seatrium shares closed S$0.04 or 2.5 per cent lower at S$1.57, making it the worst STI performer.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Marco Polo Marine topped the active chart with some 41 million shares transacted; the marine logistics counter fell 4.2 per cent or S$0.003 to S$0.068.
Gainers beat decliners across the broader market 333 to 248, with 1.2 billion securities transacted at a total value of S$1.1 billion.
The STI rose 0.7 per cent week on week.
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
Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss
Beijing’s calculated silence on the Iran war
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
