Singapore stocks up on Tuesday; STI snaps losing streak, rises 0.2%
Megan Cheah
SINGAPORE shares posted gains on Tuesday (Aug 22) as the country’s presidential hopefuls filed their nomination papers.
The benchmark Straits Times Index (STI) snapped a seven-day losing streak, rising 0.2 per cent or 5.85 to 3,159.88.
Across the broader market, gainers outnumbered losers 334 to 257 as 1.2 billion securities worth S$925.4 million changed hands.
Mainboard-listed Frasers Property fell 1.9 per cent or S$0.015 to S$0.795. The real estate group secured a S$1.08 billion five-year green term loan club facility to refinance its maturing term-loan facility, due in September, for Frasers Tower.
On the STI, DFI Retail Group was the biggest loser on Tuesday, falling 2.9 per cent or US$0.07 to US$2.37. Thai Beverage was once again the largest gainer on the index, as it ended the day at S$0.585, up 2.6 per cent or S$0.015.
The trio of local banks contributed to the STI’s climb. DBS closed at S$32.66, up 0.4 per cent or S$0.14; UOB finished up 0.2 per cent or S$0.06 at S$27.84; OCBC gained 0.3 per cent or S$0.04, ending at S$12.25.
Regional indices were back in the black on Tuesday. Japan’s Nikkei 225 climbed 0.9 per cent, while South Korea’s Kospi Composite Index was up 0.3 per cent. The Hang Seng Index gained 1 per cent and the FTSE Bursa Malaysia KLCI increased 0.1 per cent.
IG market strategist Yeap Jun Rong warned that the Asia-Pacific’s higher sensitivity to China “remains a drag” and could “paint a low-for-longer growth outlook” as the country’s economy does not yet show signs of a turnaround.
“The Straits Times Index may be on the radar, with the index paring back most of its July gains to stand less than 2 per cent away from its year-to-date low,” he added.
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