Singapore stocks rise amid mixed trading in Asia; STI up 0.4%

THE Straits Times Index (STI) gained 11.65 points or 0.4 per cent to close at 3,192.12 points on Tuesday (Jul 26).

In the wider market, gainers beat losers 248 to 183, with 1 billion shares worth S$741.2 million changing hands.

According to the latest Singapore Exchange fund flow data released on Monday, the STI clocked up a six-week high for net institutional fund inflows last week as the benchmark index gained 2.7 per cent.

Said IG market strategist Yeap Jun Rong: “While this may be a positive sign for some relief, the inflow amount of S$97 million still trails behind previous outflow amounts, denoting that some reservations could still be in place among institutional investors.”

He added that it remains to be seen if the STI can continue to attract further fund inflows from institutional investors in the coming weeks.

Elsewhere in Asia, Japan’s Nikkei 225 shed 0.2 per cent while the Kuala Lumpur composite index shed 0.4 per cent. On the other hand, Hong Kong’s Hang Seng Index climbed 1.7 per cent, South Korea’s Kospi gained 0.4 per cent and the Jakarta composite index rose 0.2 per cent.

The biggest winner on the STI was CapitaLand Integrated Commercial Trust (CICT), which gained 1.9 per cent or S$0.04 to close at S$2.14.

Singtel was the most heavily traded counter by volume on the index, gaining 0.8 per cent or S$0.02 to close at S$2.64 after 22.4 million shares worth S$58.8 million changed hands.

The telco announced that it would divest its US media and advertising subsidiary Amobee, excluding its e-mail solutions business, for US$239 million. It will realise some US$197 million in net proceeds, exceeding the subsidiary’s carrying value of US$160 million.

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Singtel to divest Amobee for US$239m, expects to net US$197m

Meanwhile, Jardine Matheson Holdings was at the bottom of the table for the second day in a row, shedding 1.7 per cent or US$0.91 to close at US$53.01.