Singtel rally helps lift Singapore stocks to another record high; STI up 1.1%

[SINGAPORE] Singapore stocks ended higher on Tuesday (Feb 3), with the local bourse closing at another record high, shrugging off the past few days’ rout in precious metals.

The benchmark Straits Times Index (STI) gained 1.1 per cent, or 51.82 points, to finish at 4,944.09 – a new all-time high. The iEdge Singapore Next 50 Index, however, fell 0.5 per cent, or 6.74 points, to 1,489.35.

Across the broader market, gainers outnumbered losers 372 to 201, after 1.4 billion securities worth S$1.9 billion changed hands.

Regional markets also ended in positive territory. Hong Kong’s Hang Seng Index rose 0.2 per cent; Japan’s Nikkei 225 climbed 3.9 per cent; South Korea’s Kospi jumped 6.8 per cent; and Malaysia’s FTSE Bursa Malaysia KLCI added 0.4 per cent.

Singtel led the blue-chip gainers, rising 4.7 per cent, or S$0.22, to end at S$4.86 – its highest level in over two months.

The telco’s rally came after reports that a consortium comprising Singtel and private equity firm KKR was close to acquiring ST Telemedia Global Data Centres at a valuation of about US$10.2 billion. Analysts noted that the deal would rank among Asia’s largest data centre transactions if completed.

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Sovereign wealth funds GIC and Mubadala Investment are also reportedly in talks to join as minority co-investors.

The weakest performer among STI constituents was Thai Beverage, which slipped 1 per cent, or S$0.005, to close at S$0.475.

The three local banks ended higher. DBS gained 0.3 per cent, or S$0.17, to S$59.05; OCBC rose 0.9 per cent, or S$0.18, to S$21.28; and UOB added 0.1 per cent, or S$0.03, to S$38.43.