Singapore stocks join regional peers in rally; STI ends 0.4% higher

THE bullishness in regional stock markets rubbed off on Singapore’s, lifting the blue-chip benchmark Straits Times Index (STI) by 14.42 points or 0.4 per cent to 3,335.09 on Thursday (Apr 28).

The better showing by stock markets in the Asia-Pacific - with Japan’s Nikkei 225 jumping 1.8 per cent, making it the best performer in the region - came as big US tech players reported strong financial results.

About ⅔ of STI stocks finished trading with gains, led by Jardine Cycle & Carriage on its “improved” first-quarter performance. The automobile group’s counter rose 8.5 per cent to S$29.10. 

Apac Realty , which owns ERA Realty Network in Singapore, continued to see its share price come under pressure as the counter dropped another 7.8 per cent to S$0.655 on Thursday, after sliding 11.8 per cent a day ago. 

The S$0.57 acquisition offer by majority shareholder Morgan Stanley Private Equity Asia for each share that it does not already own sparked a sell-off in the property agency because the offer price is a 30.1 per cent discount from the last traded price before the takeover announcement.  

The most active counter by volume was Sembcorp Marine as its trading volume reached a whopping 1.2 billion shares - against its monthly average of 3.4 billion shares over the last quarter, and contributing nearly over 40 per cent of the trading turnover of the market.

SEE ALSO

Europe: Stock markets jump at open

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Tokyo: Shares rise as BOJ keeps ultra-loose policy

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In the broader market, gainers beat decliners 260 to 209 on a turnover of 2.81 billion securities worth a total S$1.60 billion in value.