Singapore stocks resist rout in most Asia markets on Thursday; STI up 0.2%

SINGAPORE stocks resisted a rout across most major Asia markets to close slightly higher on Thursday, with the Straits Times Index (STI) edging up 0.2 per cent or 5.93 points to 3,064.54 points.

Advancers outnumbered decliners 237 to 233, with 1.76 billion shares worth S$1.04 billion changing hands.

Hong Kong's Hang Seng Index again led the decline with a fourth straight day in the red, dropping 1.5 per cent or 365.36 points to 24,667.85. Meanwhile, the Kospi snapped a four-session rally to close down 23.31 points or 0.7 per cent at 3,130.09, the Nikkei 225 index fell 0.6 per cent or 188.37 points to 30,323.34, and the Jakarta Composite Index dipped 0.29 points to 6,109.94.

"Asia markets are ... seeking to take a breather from China's disappointing retail sales data and potential tightening of regulations around casinos in Macau. This continues to drive some cautiousness for Chinese equities, as US-listed Chinese stocks largely remain in the red despite the strong up-move in US indices overnight," said IG market strategist Yeap Jun Rong.

Leading the advancers on Singapore's blue-chip index was City Developments Limited (CDL), which continued to find favour among investors following its exit from its investment in China-based Sincere Property Group. Shares in CDL climbed 2.1 per cent or S$0.15 to close at S$7.21.

At the bottom of the performance table was Genting Singapore, which was the most heavily traded counter among STI constituents for the second straight day. Genting Singapore shares fell 3.3 per cent or 2.5 Singapore cents to 74 cents, after 95.1 million shares changed hands.

The trio of local banks were mixed on Thursday. DBS closed marginally higher, up 0.03 per cent or S$0.01 to S$30.08, while UOB fell 0.2 per cent or S$0.04 to S$25.56. OCBC closed flat at S$11.60.