Singapore shares gain even as regional markets fall; STI up 0.4%

SINGAPORE shares gained on Wednesday (Oct 27), bucking a regional trend, where most other markets in Asia ended the day in the red.

The benchmark Straits Times Index (STI) climbed 0.4 per cent or 13.60 points to close at 3,218.17.

Jardine Matheson finished as the top STI gainer, with its shares rising 1.4 per cent to close at US$57.10. Other gainers for the day include Hongkong Land and Capitaland Integrated Commercial Trust, which rose 1.3 per and 0.9 per cent respectively.

Meanwhile, ComfortDelGro finished the day as the bottom STI performer, with its shares falling 1.3 per cent to close at S$1.57.

Across the broader market, gainers outnumbered decliners 248 to 213 after 1.8 billion securities worth S$1 billion changed hands.

Shares of the three local banks, DBS, OCBC and UOB, were among the most actively traded by value; these counters rose by between 0.1 and 0.7 per cent.

In terms of volume, shares of Koh Brothers Eco Engineering were among the most actively traded after resuming trading on Wednesday, following an announcement that it has secured a S$200.7 million contract from PUB. The counter rose 14 per cent to close at S$0.065, with 91.7 million shares worth S$6.5 million changing hands.

Elsewhere in the region, Hong Kong and mainland China shares led losses, with the Hang Seng Index tumbling 1.6 per cent. The Shanghai Composite Index fell 1 per cent. Major indices in South Korea and Japan also ended the day in the red.

Oanda senior market analyst Jeffrey Halley noted that regional markets were under pressure, despite an impressive US earnings season, with news from China appearing to be the culprit. The negative news include more Covid-19 cases, concerns of more real-estate bond defaults, and the US withdrawing China Telecom's US licence.