Singapore shares rise on Tuesday; STI up 0.8%

[SINGAPORE] Singapore stocks ended higher on Tuesday (Jun 16).

The benchmark Straits Times Index (STI) gained 0.8 per cent or 39.57 points to finish at 5,116.86.

Singapore Exchange led the gainers on Singapore’s blue-chip index, rising 4 per cent or S$0.92 to end at S$24.17.

The worst performer among STI constituents was Jardine Matheson , which fell 3.7 per cent or US$2.45 to close at US$63.55.

This was after the company held its first Investor Day on Tuesday, when it pledged to grow its dividend by at least 5 per cent annually until 2030.

It also launched a US$500 million share buyback programme, among other shareholder-return and portfolio-recycling targets.

The three local banks ended higher. DBS gained 0.4 per cent or S$0.24 to S$63.73, OCBC rose 2.3 per cent or S$0.55 to S$24.26, and UOB was up 1.4 per cent or S$0.55 at S$39.

Within the iEdge Singapore Next 50 Index, Sheng Siong Group was the top gainer, rising 1.9 per cent or S$0.06 to finish at S$3.27, while China Aviation Oil was the biggest loser, falling 6.1 per cent or S$0.12 to end the session at S$1.86.

Ipek Ozkardeskaya, senior analyst at Swissquote, said: “Oil prices fell to levels last seen in the first weeks of the Iranian war, sending global yields lower and equities higher.

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“If the war in Iran comes to an end – bringing energy prices sustainably lower – the non-technology pockets of the market should see some capital rotation, as they have become relatively cheaper compared to their tech peers during the Iran war.”

Across the broader market, losers beat gainers 342 to 256, with 1.2 billion securities worth S$2 billion changing hands.

Key regional indices ended mixed. Hong Kong’s Hang Seng Index lost 1.4 per cent, while Japan’s Nikkei 225 rose 0.1 per cent, South Korea’s Kospi was up 2.1 per cent and the FTSE Bursa Malaysia KLCI advanced 1.1 per cent.

This article has been written with the assistance of AI and reviewed by a reporter