Singapore shares rise with Venture leading the way; STI up 0.6%

[SINGAPORE] Singapore shares ended higher on Wednesday (Nov 11), as tech stocks continued their recovery after last week’s sell-off.

The benchmark Straits Times Index (STI) gained 0.6 per cent or 31.07 points to finish at 5,289.66.

Venture led the gainers on Singapore’s blue-chip index, rising 5.2 per cent or S$0.76 to S$15.31.

The company had also reported a stronger third-quarter performance on Nov 6. Its net profit for the three months ended Sep 30 rose 21.9 per cent year on year to S$67.8 million, amid higher revenue contributions from its key technoloy business.

RHB raised its target price for the counter to S$21.97 from S$20.78 in a note on Tuesday, even as it maintained its “buy” recommendation. 

Its analyst, Alfie Yeo, expects this momentum to sustain growth in the subsequent quarters.

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Similarly, DBS analyst Ling Lee Keng said Venture offered investors “an attractive value proposition” following the recent tech-sector sell-off, even as the brokerage maintained its target price of S$22.90.

The worst performer among STI constituents was Mapletree Pan-Asia Commercial Trust , which fell 2.5 per cent or S$0.03 to S$1.15.

The three local banks ended higher. DBS gained 0.9 per cent or S$0.60 to S$70.97, OCBC rose 0.8 per cent or S$0.22 to S$28.82, and UOB was up 0.5 per cent or S$0.20 at S$37.58.

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Singapore shares rise as tech stocks gain ground; STI up 1.5%

Within the iEdge Singapore Next 50 Index, First Resources was the top gainer, rising 8.9 per cent or S$0.23 to S$2.82, while Golden Agri-Resources was the biggest decliner, falling 3.6 per cent or S$0.01 to S$0.265.

Across the broader market, gainers outnumbered losers 324 to 242, after 1.2 billion securities worth S$2.1 billion changed hands.

Key regional indices were mixed. Hong Kong’s Hang Seng Index lost 1 per cent, Japan’s Nikkei 225 rose 1.3 per cent, South Korea’s Kospi was up 2.6 per cent and the FTSE Bursa Malaysia KLCI declined 0.6 per cent.

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