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Healthcare, mining stocks drive activity; STI up 0.28%
SINGAPORE shares rose on Tuesday, with the Straits Times Index (STI) up 7.18 points or 0.28 per cent to 2,582.97. Gainers outnumbered losers 237 to 185, after about 1.62 billion securities worth S$1.27 billion changed hands.
The biggest gainer on the index was Jardine Matheson, the holding company for the Jardine empire, which gained US$1.35 or 3.38 per cent to end at US$41.30.
It was followed by agri-business group Wilmar International, which rose S$0.13 or 3.01 per cent to S$4.45 on news that its Chinese subsidiary, Yihai Kerry Arawana, has submitted responses to further queries from the Shenzhen Stock Exchange in relation to its proposed listing, including its updated financial information. Investors likely read it as the company inching a step closer to a listing, which is expected to be a share price catalyst for Wilmar.
The biggest loser was Asia retail group Dairy Farm International, which retreated US$0.14 or 3.27 per cent to US$4.14, as the street’s expectations is for its financial results to be materially impacted by the Covid-19 outbreak.
Penny stocks in the gold-mining and healthcare sectors continued to lead in trading activity. Miners such as CNMC Goldmine and Anchor Resources racked up trading volumes of 110.6 million shares and 81.5 million shares traded, respectively.
Medtecs International and Hyphens Pharma recorded gains of 14.4 per cent and 10.38 per cent respectively, with 84.8 million and 56.5 million shares traded. Bloomberg reported that a block of 734,000 shares in Hyphens Pharma traded at a market value of S$477,740 on Tuesday afternoon, representing S$0.61 per share or a 12 per cent premium from the open price.
The performance of regional markets was mixed, with Japan’s benchmark Nikkei 225 down 0.26 per cent. Hong Kong’s Hang Seng Index rose 0.69 per cent, China’s benchmark Shanghai Composite Index added 0.71 per cent, and Malaysia’s KLCI added 1.16 per cent.