Singapore stocks rise as market cheers new SGX announcements; STI up 0.2%
Frasers Logistics & Commercial Trust is top gainer on benchmark index; three local banks also end higher
[SINGAPORE] Singapore stocks ended higher on Thursday (Nov 20), as the market cheered the latest set of measures announced by the Singapore Exchange (SGX) the day before.
The measures, which aim to strengthen the Singapore equities market, include a dual-listing bridge between SGX and Nasdaq and a “Value Unlock” programme to help listed companies strengthen investment engagement.
The benchmark Straits Times Index (STI) rose 0.2 per cent or 6.65 points to finish at 4,511.87. Meanwhile, the iEdge Singapore Next 50 Index was up 0.1 per cent or 0.82 points at 1,446.93.
Across the broader market, gainers beat losers 349 to 229, after 1.4 billion securities worth S$1.4 billion changed hands.
Key regional indices were mixed. Hong Kong’s Hang Seng Index closed flattish gaining 0.02 per cent, Japan’s Nikkei 225 index advanced 2.7 per cent and South Korea’s Kospi rose 1.9 per cent. Meanwhile, the FTSE Bursa Malaysia KLCI lost 0.2 per cent.
Frasers Logistics & Commercial Trust led the gainers on Singapore’s blue-chip index, rising 1.6 per cent or S$0.015 to end at S$0.95.
The three local banks ended higher. DBS gained 0.3 per cent or S$0.15 to S$53.85, OCBC advanced 0.6 per cent or S$0.10 to S$18.26, and UOB was up 0.2 per cent or S$0.06 at S$33.90.
The worst performer among the STI constituents was Sats , which fell 1.2 per cent or S$0.04 to close at S$3.39.
Chua Jen-Ai, equity research analyst from Julius Baer, said: “The latest developments are a positive signal of commitment by the regulators to explore new measures to revitalise the stock market.”
However, she noted that it will take some time for the measures to take effect.
“We remain positive on the Singapore equities market, given the ongoing stock-market reform measures, a strong Singapore dollar, and Singapore’s track record of governance,” she added.
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