Singapore shares edge up on Wednesday, snapping 2-day losing streak

LOCAL counters snapped a two-day losing streak on Wednesday as waves of cautious optimism swept over most markets in the region. The Straits Times Index ended the day at 3,131.44, up 0.4 per cent or 12.93 points.

Across the broader market, advancers outnumbered decliners 323 to 165, after 1.35 billion securities worth S$1.22 billion changed hands.

Other Asian markets reflected similar upbeat sentiments. The Nikkei 225 gained 0.6 per cent, while the Hang Seng Index and Kospi each added 0.5 per cent. The KLCI inched up 0.1 per cent.

Singapore Exchange market strategist Geoff Howie noted that the growing impact of the Delta coronavirus variant saw medical suppliers in Singapore - particularly the trio of glovemakers and Medtecs International - ending the day in the black.

"The Delta variant has seen the seven-day rolling average of daily new confirmed Covid-19 cases in the US rising from 13,000 in early July, to more than 130,000 as of Aug 17," said Mr Howie.

Top Glove added 2.5 per cent or S$0.03 to S$1.24; Riverstone gained 3.3 per cent or S$0.04 to S$1.24, while UG Healthcare added 1 per cent or 0.5 Singapore cent to S$0.52. Medtecs, meanwhile, rose 4.4 per cent or 2.5 cents to S$0.60.

Mr Howie said that multiple "service-oriented stocks" made gains on Wednesday ahead of the easing of restrictions that will allow up to 50 per cent of the Singapore workforce to return to the workplace from Thursday.

For instance, property plays with commercial buildings under their belts were among the biggest advancers on Wednesday. UOL rose 2.6 per cent or S$0.18 to S$7.24, while City Developments advanced 1.2 per cent or S$0.08 to S$7.04. CapitaLand also gained 1.8 per cent or S$0.07 to S$4.03.

Nanofilm Technologies also made gains on Wednesday, after the company acknowledged that there are gaps to be plugged when it comes to communicating with the market, and that it would improve on communication with the public and investors. The counter closed at S$3.96 on Wednesday, up 3.7 per cent or S$0.14.

DBS was one of the biggest decliners for the day, falling 0.2 per cent or S$0.05 to S$30.42. Venture Corporation was another top loser, shedding 0.2 per cent or S$0.04 to S$19.10.

Sembcorp Marine was one of the most heavily traded counters on Wednesday. Shareholders of the company have until Friday to lodge their proxy forms for voting on the company's recently proposed rights issue to raise S$1.5 billion. The counter rose 0.9 per cent or 0.1 Singapore cent to end the day at 10.8 cents after 41.7 million shares were traded over the course of the day.