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Singapore shares add 0.6% on Tuesday on bargain hunting
MOST markets in Asia breathed a sigh of relief on Tuesday, recovering from the previous day's sharp decline as concerns eased over the state of the global economy and a possible US recession. Investors also took to hunting for bargains.
While Tuesday's recovery suggests that markets could have overreacted, investors should not be distracted from the fact that the global economy has been slowing and geopolitical risks are still present.
In Singapore, the Straits Times Index (STI) gained 17.36 points or 0.55 per cent to close at 3,200.28.
Trading clocked in at 1.05 billion securities, about 76 per cent of the daily average over the first two months of 2019. Total turnover came to S$1 billion, just under the January-to-February daily average. Advancers outnumbered decliners 242 to 165.
JCG Investment was the bourse's most active counter with 124 million shares traded. The vast majority of JCG shares were traded in a sell-off in the last hour of the session. Its shares ended the session at 0.1 Singapore cent.
Seven of the STI's 30 constituents ended the day in the red. Among them, Genting Singapore was the blue-chip index's most traded. The casino operator ended the session one Singapore cent or 1 per cent lower at S$1.02 with 28.5 million shares changing hands.
Going by value of trades done, DBS Group Holdings saw S$77.05 million traded - 7.7 per cent of the bourse's value of securities traded - across 3.06 million shares. The bank's shares fell two Singapore cents or 0.1 per cent to S$25.10.
The other local banks ended the day in positive territory. OCBC Bank closed four Singapore cents or 0.4 per cent higher at S$11.03 and United Overseas Bank added six Singapore cents or 0.2 per cent to close at S$25.01.
Real estate investment trusts saw much activity on the day. Among them, CapitaLand Commercial Trust was the most active, gaining five Singapore cents or 2.6 per cent to end at S$1.97 with 22.7 million shares traded.