Singapore stocks rise on Tuesday as regional markets trade mixed; STI up 0.2%

LOCAL shares climbed on Tuesday (Jun 7) amid mixed trading across regional markets.

The benchmark Straits Times Index (STI) was in negative territory for most of the session, but climbed higher in the final hour of trading to close at 3,231.54, up 0.2 per cent or 4.91 points.

IG market strategist Yeap Jun Rong noted that the latest fund flow data from the Singapore Exchange showed another week of net outflows from institutional investors in the STI last week, “which may suggest that some reservations remain”.

In terms of technicals, the STI has also been trading in a consolidation pattern over the past month, suggesting a “wait-and-see” sentiment for now, he added. “A break out of the consolidation zone in either direction may potentially be looked upon as a signal for either the buyers or the sellers taking greater control.”

Jardine Cycle & Carriage (JCNC) was the top STI gainer for the day, rising 3.1 per cent to close at S$30.80. For the year-to-date, JCNC has also been the top index performer, climbing 49.5 per cent since end-2021.

Meanwhile, shares of Sats ended at the bottom of the index performance table on Tuesday, slipping 1.2 per cent to S$4.04.

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Across the broader market, decliners outnumbered gainers 253 to 242, after 1.9 billion securities worth S$1.1 billion changed hands.

Shares of Yangzijiang Financial Holdings were among the most actively traded. The counter fell 2.8 per cent to S$0.525, after 72.7 million shares worth S$38.2 million were traded.

Elsewhere, Asian markets were mixed, with key indices in Hong Kong, South Korea and Australia falling between 0.6 and 1.7 per cent. Japan’s Nikkei 225 rose 0.1 per cent, while the Shanghai Composite Index gained 0.2 per cent.