STI climbs 0.03% in lacklustre trading session

SINGAPORE'S benchmark Straits Times Index climbed 0.78 point or 0.03 per cent to 2,859.68 on Tuesday, on what some market commentators call a "lacklustre" trading day.

Some 1.49 billion securities worth S$1.26 billion changed hands, as losers outnumbered gainers 247 to 206.

IG senior market strategist Pan Jingyi said that despite the better-than-expected Singapore fourth quarter gross domestic product reading released on Monday, investors are likely still hunting for further signs of pick up in economic activity through Singapore's better repositioning under the pandemic reality and resumption of cross-border activities for its external-dependent economy.

Property landlord and developer Hongkong Land was the top performer on the index, gaining US$0.15 or 3.65 per cent to US$4.26, after JPMorgan raised the stock to "overweight" from "neutral", with a target price of US$5.30.

For the second day straight, City Developments was the worst performer of the index, shedding a further S$0.14 or 1.8 per cent to S$7.66.

Repeated departures of board directors have cast doubt on the firm's investment in Chinese real estate group Sincere Property Group, which has also undergone a review by Deloitte & Touche Financial Advisory Services. (see amendment note)

The most active counter of the day was Sembcorp Marine for the second consecutive day. It lost S$0.003 or 1.96 per cent to S$0.15, on a volume of 120.3 million. No married deals were recorded.

Regional indices finished mixed. The Hang Seng Index gained 0.64 per cent, the Shanghai Composite Index added 0.73 per cent, Japan's Nikkei 225 was down 0.37 per cent, while Malaysia's KLCI gained 0.36 per cent.

For full listings of SGX prices, go to https://www2.sgx.com/

Amendment note: The article has been amended to reflect that the review by Deloitte of CDL's investment in Sincere has been completed.