Local shares begin the week slightly higher as traders focus on earnings season

SINGAPORE stocks began the week in the black, as investors kept a close watch on the commencement of listed companies’ financial results announcements both locally and in the US. 

The benchmark Straits Times Index ended Monday (Jul 17) with a gain of 0.2 per cent or 5.8 points at 3,254.43. Across the broader market, decliners outpaced advancers 190 to 174, after 1.1 billion securities worth a collective S$834.4 million changed hands. 

Across the region, other stock market indices mostly ended the day slightly lower. The ASX 200 fell 0.1 per cent, while the Bursa and Kospi each lost 0.4 per cent. 

SPI Asset Management’s managing partner Stephen Innes said the strong rally and overweight positioning heading into this season of earnings in the US market argue for a “muted rally”. 

“However, there is a widespread narrative that an earnings recession is underway or imminent – and if that starts to show up in the data, it could be a showstopper,” he said. 

On the local bourse, DBS was the top advancer by value. The counter rose 1.5 per cent or S$0.48 to S$32.47. Another in the banking trio, OCBC , too was among the top gainers for the day. Its shares added 0.7 per cent or S$0.08 to S$12.45. 

UOB , however, was among the biggest losers for the day, with its shares falling 0.4 per cent or S$0.12 to S$27.71. 

Jardine Cycle and Carriage was the top decliner, falling 1.1 per cent or S$0.39 to S$34.20. 

Venture Corporation was another notable decliner, losing 0.9 per cent or S$0.14 to S$15.04. 

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Seatrium was the most actively traded counter by volume for the day, with about 439.9 million shares traded. The counter lost 2.8 per cent or S$0.004 to close at S$0.141. 

Other heavily traded counters included Thai Beverage , Genting Singapore and Marco Polo Marine .