Singapore stocks buck regional rout; STI rises 0.5%

THE Straits Times Index (STI) bucked the regional trend and ended Tuesday (Jul 12) up 0.5 per cent or 14.51 points to close at 3,145.77.

Across the broader market, Decliners beat advancers 281 to 210 after 994.5 million shares worth S$893.2 million changed hands.

Markets across Asia were in the red on Tuesday. Japan’s Nikkei 225 index fell 1.8 per cent, Hong Kong’s Hang Seng Index shed 1.3 per cent, South Korea’s Kospi composite index fell 1 per cent and the Jakarta composite index edged 0.1 per cent lower.

Oanda senior market analyst Jeffrey Halley noted that Covid-19 fears in China continue to “hang like a dark cloud” over the region, while Wall Street went back into “recession mode” overnight, with the S&P 500 falling by 1.2 per cent and the Nasdaq shedding 2.3 per cent on Monday.

DBS topped the STI on Tuesday, climbing 2.3 per cent or S$0.70 to close at S$30.73. In second place, UOB rose 1.4 per cent or S$0.38 to close at S$26.79. OCBC was also in the black, gaining 0.4 per cent or S$0.04 to close at S$11.49.

At the bottom of the table was City Developments Limited , which declined 3.3 per cent or S$0.26 to close at S$7.62.

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Other actively traded counters on the bourse include Yangzijiang Financial Holdings , which rose 1.2 per cent or S$0.005 to close at S$0.42 after 21.0 million shares worth S$8.8 million changed hands.