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 to recover 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 on Nov 6 reported a 21.9 per cent rise in third-quarter profit to S$67.8 million, on the back of higher revenue contributions from its key technology business.

RHB raised its target price for the counter to S$21.97 from S$20.78 on Tuesday while maintaining its “buy” recommendation. Analyst Alfie Yeo expects this momentum to sustain growth in the subsequent quarters.

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

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The worst performer among STI constituents on Wednesday 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.

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.

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Daily Debrief: What Happened Today (Nov 11)

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

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. Japan’s Nikkei 225 rose 1.3 per cent, and South Korea’s Kospi was up 2.6 per cent. Meanwhile, Hong Kong’s Hang Seng Index lost 1 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