Yangzijiang steams ahead, but STI dips 6.89 points in line with Asian market slide
Decliners beat advancers 311 to 255, with S$1.3 billion worth of securities changing hands
THE Straits Times Index (STI) ended Wednesday (May 29) at 3,323.2, down 6.89 points or 0.2 per cent, as most markets across Asia witnessed a decline. Advancers were outnumbered by decliners, 255 to 311, while securities value traded was a relatively high S$1.3 billion.
Overnight, United States 10-year Treasury yields rose as high as 4.556 per cent, after improving consumer confidence data suggested inflation could remain sticky.
Most Asian markets fell in the aftermath. Hong Kong led the decline, falling 1.8 per cent. Other markets that fell more than 1 per cent included South Korea (-1.7 per cent), Indonesia (-1.6 per cent) and the Philippines (-1.4 per cent).
China, however, bucked the trend. The Shanghai Stock Exchange Composite Index ended up 1.45 points or 0.05 per cent while the Shenzhen Stock Exchange Composite Index ended up 5.22 points or 0.3 per cent.
Among the STI constituents, the day’s best performer was Yangzijiang Shipbuilding . After hitting a 52-week intra-day high of S$2.21, the Singapore dollar-denominated counter closed the day up S$0.21 or 10.6 per cent at S$2.20. Yangzijiang also has a yuan-denominated counter.
CGS on Wednesday raised its target price on the stock to S$2.35, from S$1.96 previously, on strong order momentum. The shipbuilder had on Monday night announced a record order book.
Singapore’s largest telco Singtel also saw heavy trading on a Reuters report that it is part of a consortium leading the race to buy a minority stake in ST Telemedia Global Data Centres. The stock closed unchanged for the day, however, at S$2.46.
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