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Singapore shares edge up, brushing off US-EU trade threat, growth concerns
THE Singapore market managed to shrug off concerns surrounding US President Donald Trump's threat to place tariffs on US$11 billion of European Union goods and the International Monetary Fund lowering its forecast for 2019 global economic growth to 3.3 per cent.
The Straits Times Index (STI) continued to trudge on, recovering from an early-session dip to add 2.05 points or 0.06 per cent to close at 3,327.65, with 21 of the 30 blue chips that make up the STI ending in the black.
Trading clocked in at 1.05 billion securities, about 83 per cent of the daily average over the first three months of 2019. Total turnover came to S$1.01 billion, just under the January-to-March daily average.
Gainers slightly outpaced losers 197 to 183.
Genting Singapore was the blue-chip index's most traded. Shares in the casino operator ended Wednesday's session slipping 0.5 Singapore cent or 0.5 per cent to close at 96.5 cents with 42.8 million shares changing hands. The counter has shed 10.8 per cent since an increase in the casino entry levy and higher casino tax rates were announced, along with a S$4.5 billion reinvestment plan for Resorts World Sentosa.
Going by value of trades done, DBS Group Holdings saw S$65.91 million traded - 6.5 per cent of the bourse's value of securities traded - across 4.64 million shares. The bank's shares closed three Singapore cents or 0.1 per cent lower at S$26.97.
The other local banks were mixed as OCBC Bank fell four Singapore cents or 0.3 per cent to S$11.72 but United Overseas Bank climbed six Singapore cents or 0.2 per cent to end at S$26.56.
Among non-STI counters, KSH Holdings was among the main gainers on the day. The real estate firm jumped 3.5 Singapore cents or 6.5 per cent to end at 57.5 cents.
LionGold was the bourse's most active counter with 48.8 million shares traded. Shares in the metals supplier traded flat at 0.1 cent, with the total value of trades at S$50,000.