Singapore stocks extend gains, tracking regional markets; STI up 0.2%
Megan Cheah
SINGAPORE shares extended gains on Thursday (Aug 24) as regional indices recover from recent weakness.
The Straits Times Index (STI) advanced 6.54 points or 0.2 per cent to 3,180.72. Across the broader market, 1.6 billion securities worth S$939.1 million changed hands. Gainers outnumbered losers 327 to 200.
Singtel ended the day at S$2.35, up 0.9 per cent or S$0.02. Phillip Securities upgraded the telco to “buy” in view of the company’s attractive valuations amid recent price weakness.
Seatrium once again claimed top spot on the STI as the counter jumped 5.2 per cent or S$0.007 to S$0.143. Thai Beverage Public Co came in at the bottom of the index, with its shares falling 1.7 per cent or S$0.01 to S$0.575.
Also up on the STI is CapitaLand Investment , which gained 2 per cent or S$0.06 to S$3.13.
Banking stocks turned in a mixed performance on Thursday. UOB was the second-biggest loser on the STI as it closed at S$27.83, falling 0.9 per cent or S$0.25. In contrast, OCBC rose 0.3 per cent or S$0.04 to S$12.36, while DBS edged up 0.03 per cent or S$0.01 to S$32.81.
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Hong Kong’s Hang Seng Index advanced 2.1 per cent, while Japan’s Nikkei 225 was up 0.9 per cent. The FTSE Bursa Malaysia KLCI rose 0.3 per cent.
South Korea’s Kospi Composite Index climbed 1.3 per cent after the central bank left rates unchanged at 3.5 per cent.
Meanwhile, purchasing managers’ indices (PMIs) performed poorly in both the US and Europe. The unexpected sharp contraction in US services PMI reflects the gloom of deeply contractionary manufacturing, said Vishnu Varathan, Asia and Oceania treasury head of economics and strategy, Mizuho Bank.
Dismal eurozone PMIs sent ripples of recessionary fears, but also reinforced the notion of European Central Bank hawks being put to rest, he added.
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