Singapore shares track higher on Wednesday, STI up 0.2%
Uma Devi
BANKING anxiety notably eased in capital markets around the region on Wednesday (Mar 29), with indices ending the trading session higher.
In Singapore, the Straits Times Index booked a gain of 0.2 per cent or seven points to end the day at 3,262.54.
Across the broader market, gainers far outpaced decliners, with the tally of advancers coming in at 341, and losers, at 215. Daily turnover stood at 1.8 billion securities worth a total of about S$1.1 billion.
Around the region, markets ended the day higher. The Nikkei 225 rose 1.3 per cent; the Bursa added 0.8 per cent, and the Hang Seng Index gained 2.1 per cent. The Kospi rose 0.4 per cent and the ASX 200 added 0.2 per cent.
In a note, Saxo analysts said banking sector risks might be abating now, but banks could be forced to tighten lending standards, which would cripple economic momentum.
“Markets are yet to price in that risk of an incoming recession, which has been significantly increased by the recent events in the banking sector,” they added.
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On the local bourse, Jardine Cycle and Carriage was the top advancer, rising 1.6 per cent or S$0.46 to S$29.99.
Sats was another notable gainer, on the back of active trading. The counter added 8.2 per cent or S$0.21 to close at S$2.76, after about 31.4 million shares changed hands.
SGX market strategist Geoff Howie noted that Sats was the second most traded stock by turnover, trading at five times its usual turnover on the start of trading in its rights shares.
On the other end of the spectrum, thinly traded UOI was the biggest loser, shedding 1.9 per cent or S$0.12 to S$6.29. The counter was trading on a cum-dividend basis on Wednesday.
Samudera Shipping was another one of the biggest losers on the local bourse, falling 4.6 per cent or S$0.06 to S$1.25.
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