Singapore shares end week slightly higher, STI up 0.1%

LOCAL shares ended the week in the black, as the slew of corporate earnings results and macroeconomic data releases globally gave investors much to mull over. This, in turn, translated to bargain hunting in the local capital market.

The benchmark Straits Times Index rose 0.1 per cent or 3.92 points on Friday (Jul 21) to close at 3,278.30. Across the broader market, advancers outpaced decliners 306 to 241, after 1.2 billion securities worth S$862.3 million changed hands. 

Charu Chanana, market strategist at Saxo, said in a note on Friday that big tech companies have a tough task of not just meeting expectations, but also justifying the stretched valuations for positive market sentiment to continue. 

“They could bring a make or break moment for the recent equity rally. Still, the cyclical macro themes of softening inflation and a potential end of tightening from the Fed (and other central banks) are supportive of further gains in equities,” she said. 

“But any disappointment from the big tech earnings could mean a rotation into cyclicals and other quality stocks that have far more reasonable valuations.”

On the local bourse, the trio of lenders were among the top gainers on Friday. UOB – which was also the top constituent gainer – rose 0.7 per cent or S$0.20 to close at S$28.62; DBS gained 0.6 per cent or S$0.19 to S$32.74, and OCBC rose 0.4 per cent or S$0.05 to S$12.69.

Singapore Exchange was also among the top gainers for the day, adding 0.7 per cent or S$0.07 to S$9.55. 

Jardine Matheson Holdings was the top loser for the day, falling 0.6 per cent or US$0.28 to US$49.40.

Seatrium was the most actively traded counter, with about 221 million shares traded. The stock fell 1.4 per cent or S$0.002 to close at S$0.145.

SEE ALSO

China’s securities regulator issues draft of new short-swing trading rules

Asia: Markets fluctuate as US jobs data knocks rate hopes

Other heavily traded stocks included Biolidics , Marco Polo Marine and Genting Singapore .