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Singapore stocks: STI reverses early losses on Monday afternoon, up 0.4% on day
SINGAPORE equities resumed trading on Monday afternoon on higher ground after early losses were reversed on hopes of easing by the US Federal Reserve and further stimulus measures in China.
At 1.06pm, the Straits Times Index (STI) was trading 12.08 points or 0.4 per cent higher at 3,023.16.
Shortly after the afternoon session began, volume traded on the Singapore bourse clocked in at 876 million securities with a total turnover of S$918.5 million. Both volume and turnover are on track to beat their respective 2019 intraday averages.
Across the market, advancers beat decliners 246 to 186. The bluechip index had five of the 30 counters trading in the red.
Genting Singapore was the STI's most active counter. The casino operator edged up 0.5 Singapore cent or 0.6 per cent to 82 cents on 20.1 million shares changing hands.
The local banks were mixed. DBS shares added S$0.13 or 0.5 per cent to S$24.24, OCBC Bank gained S$0.04 or 0.4 per cent to S$10.64. On the other hand, United Overseas Bank was trading at S$24.24, down S$0.24 or 1 per cent, as at 1.06pm on Monday.
Singtel shares were up S$0.01 or 0.3 per cent to S$3.01 after the telco announced a collaboration with Nokia to develop and trial 5G network slicing capabilities. Network slicing is a 5G feature where multiple virtual networks can be created atop one physical network.
Separately, Fitch Ratings downgraded Singtel's long-term foreign and local-currency issuer default ratings and foreign-currency senior unsecured rating to A from A+.
Among listings of tech manufacturers, Venture Corp advanced S$0.38 or 2.3 per cent to S$16.83 and Frencken Group gained 2.5 Singapore cents or 3 per cent to 85.5 cents.
Research houses expect the latter's improved margins to be sustained after it posted a FY2019 bottom line that came in 19 per cent above Bloomberg consensus estimates.
Elsewhere in the Asia-Pacific equity benchmarks were a mixed bag. China, Hong Kong, Malaysia, South Korea and Taiwan were up. Australia, Malaysia and Taiwan were lower.