STI rises for third straight day despite negative data

UNDETERRED by negative macro data, the Straits Times Index (STI) recorded its third climb in a row on Wednesday, ending mid-week up 11.78 points or 0.46 per cent to 2,574.73 points.

This was despite dismal preliminary employment numbers, which registered their sharpest quarterly contraction in 17 years, and an 85 per cent plummet in visitor arrivals to Singapore in March compared to the year before.

CapitaLand Commercial Trust and CapitaLand Mall Trust were the best performers among the index constituents. Units of the former added S$0.07 or 4.67 per cent to S$1.57; units of the latter gained S$0.07 or 4 per cent to S$1.82. Both Reits are completing a merger to make the combined entity the third largest Reit in the Asia-Pacific region.

Shares of Singapore Press Holdings, which owns The Business Times, rose S$0.04 or 2.7 per cent to S$1.52 after its announcement that it would divest its wholly-owned subsidiary Buzz Shop to Thai-Pore Enterprise for an undisclosed sum.

At the bottom of the STI's performance table was Jardine Cycle & Carriage, after analysts made across-the-board cuts to its statutory estimates, revising both their revenue and earnings per share forecasts downwards to reflect a 29 per cent decline in anticipated earnings per share to US$1.59. This is down from about US$1.94 previously. Its shares lost S$0.25 or 1.26 per cent to S$19.55.

Advancers outnumbered decliners 249 to 159 for the day, with 1.35 billion shares worth S$1.21 billion changing hands.

The most heavily traded stock was LionGold, one of the counters implicated in the 2013 penny stock saga. Its shares ended flat at S$0.001 on Wednesday, although it has made no significant announcement recently, except for the appointment of Sun Shu as lead independent director. Mr Sun is also on the board of mainboard-listed Dasin Retail Trust.

Most Asian markets finished positive, but the Nikkei 225 Index dipped 0.06 per cent. The FTSE Bursa Malaysia KLCI Index gained 0.59 per cent or 8.1 points to close at 1,380.3, while the Hang Seng Index rose 0.28 per cent.