Singapore stocks rebound on Tuesday tracking regional gains; STI up 0.4%

SINGAPORE stocks rebounded on Tuesday (Dec 21), tracking gains across most regional markets following the sell-off a day earlier.

The benchmark Straits Time Index (STI) climbed 0.4 per cent or 12.11 points to close at 3,085.08, partially recovering some of Monday's losses.

IG market strategist Yeap Jun Rong said in a note that the local stocks have not gained much traction with institutional investors over the past month, with the latest Singapore Exchange fund flow data pointing to a fourth consecutive week of net institutional outflows last week.

"This brings into question whether the recent rebound in early December may translate into a longer-term move; and one may await the formation of a higher high for validation," he said. Earlier this month, the STI had closed as high as 3,142.45 on Dec 9.

Trading activity in Singapore was relatively muted on Tuesday, amid the holiday season. Advancers outnumbered decliners 255 to 177 after 880.3 million securities worth S$727.3 million changed hands.

Shares of Dairy Farm International - which was the biggest STI loser on Monday - climbed 3.8 per cent on Tuesday to close at US$2.73, topping the index performance table.

Thai Beverage was the biggest loser, with its shares falling 0.8 per cent to close at S$0.655. Other decliners for the day include CapitaLand Integrated Commercial Trust, which fell 0.5 per cent; and Singtel, which slipped 0.4 per cent.

Across the broader market, local tech manufacturers AEM Holdings and UMS Holdings were among the most actively traded non-index counters by value. AEM shares climbed 2.4 per cent to S$5.13, while UMS rose 2.9 per cent to close at S$1.43.

Elsewhere in the region, key indices in Australia, Hong Kong, Shanghai and Japan rose between 0.9 per cent and 2.1 per cent.