Singapore stocks snap 3-day losing streak; STI up 0.6% on Wednesday
Raphael Lim
SINGAPORE shares closed higher on Wednesday (Nov 22), snapping a three-day losing streak amid mixed trading in regional markets.
The benchmark Straits Times Index (STI) rose 0.6 per cent or 18.58 points to close at 3,114.92.
Shares of Singtel led the gainers on the index, rising 1.8 per cent to close at S$2.29. The three local banks also ended the day higher, with shares of DBS, UOB and OCBC rising between 0.7 per cent and 0.9 per cent.
Meanwhile, Frasers Logistics & Commercial Trust was the top STI decliner, after its units slipped 1.8 per cent to close at S$1.09.
“The STI remains locked in a broad consolidation pattern since March 2021, as its value-focused composition failed to tap the ongoing traction towards global growth stocks as much,” said IG market analyst Yeap Jun Rong.
He noted that the series of lower highs and lows since July this year indicate “some exhaustion from the bulls”, with further downside likely to leave the key psychological 3,000 level on watch in the near term.
Across the broader market, gainers outnumbered losers 321 to 250, after 1.4 billion securities worth S$760.1 million changed hands.
Seatrium was the most actively traded counter by volume. It rose 0.9 per cent to close at S$0.11, after 472.9 million shares worth S$52 million were traded.
Elsewhere in the region, markets ended the day mixed. South Korea’s Kospi and Japan’s Nikkei 225 climbed, while the ASX 200 in Australia and the Shanghai Composite Index finished in the red.
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