Singapore stocks end higher amid mixed regional showing; STI up 0.2%

[SINGAPORE] Singapore stocks closed higher on Monday (May 18), with a mixed performance in regional markets amid escalating geopolitical tensions and a surge in oil prices.

The benchmark Straits Times Index (STI) gained 0.2 per cent or 7.67 points to finish at 4,996.75.

ST Engineering led the gainers on Singapore’s blue-chip index, rising 4.1 per cent or S$0.42 to S$10.79.

The worst performer among STI constituents was Hongkong Land , which fell 2.7 per cent or US$0.22 to US$7.99.

Asset manager Keppel ended 2.1 per cent or S$0.22 lower at S$10.38.

This came after the Infocomm Media Development Authority halted its assessment of the proposed consolidation between Keppel subsidiary M1 and Simba Telecom until further notice.

This followed the authority learning that Simba could have been using radio frequency bands that it had not been not assigned to provide mobile services.

The asset manager said that it will allow the sale and purchase agreement between M1 and Simba to lapse upon reaching the long-stop date on May 21.

The three local banks ended mixed on Monday.

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DBS rose 0.9 per cent or S$0.56 to S$60.76, and OCBC was up 0.5 per cent or S$0.11 at S$23.04. Meanwhile, UOB finished 0.03 per cent or S$0.01 lower at S$37.29.

Within the iEdge Singapore Next 50 Index, Pan-United was the top gainer, rising 1.2 per cent or S$0.02 to finish at S$1.67.

UltraGreen.ai was the index’s biggest decliner, falling 7 per cent or US$0.09 to end the session at US$1.20.

Across the broader market, losers beat gainers 437 to 221, after two billion securities worth S$2.1 billion changed hands.

Key regional indices were mixed. Hong Kong’s Hang Seng Index lost 1.1 per cent, Japan’s Nikkei 225 fell 1 per cent and the FTSE Bursa Malaysia KLCI declined 0.7 per cent. South Korea’s Kospi, meanwhile, gained 0.3 per cent.