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STI closes 1.24% higher, tracking global tech rally

THE Straits Times Index (STI) tracked a rally in tech stocks on Wall Street and Hong Kong to rise 30.79 points or 1.24 per cent to 2,515.70 on Tuesday, ending a three-day losing streak.

About 1.42 billion securities worth S$1.43 billion changed hands on Tuesday. Gainers outnumbered losers 250 to 184.

Stocks in the tech manufacturing sector led gains amid positive economic data.

Semiconductor capital equipment maker AEM Holdings surged 53 Singapore cents or 14.48 per cent to S$4.19 after it reported that earnings more than doubled in the first half, reaching 65 per cent of full-year consensus estimates. AEM also raised its interim dividend and its sales guidance for 2020.

Precision plastic components maker Sunningdale Tech finished at S$1.14, up 10 Singapore cents or 9.62 per cent.

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Sunright, which provides semiconductor test and burn-in services, rose three Singapore cents or 9.23 per cent to S$0.355.

UMS, a primary supplier in Asia for semiconductor equipment maker Applied Materials, rose five Singapore cents or 5 per cent to S$1.05.

CEI Contract Manufacturing rose 5.5 Singapore cents or 6.43 per cent to S$0.910. Grand Venture Technology, which has exposure to the semiconductor and life science industries, rose one Singapore cent or 4 per cent to S$0.26.

Top gainer Jardine Matheson closed at US$39.32, up US$1.36 or 3.58 per cent.

The Hang Seng Index rose 2 per cent while the KLSE climbed 0.21 per cent. The Shanghai Composite climbed 0.11 per cent, and the Nikkei advanced 1.70 per cent.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: "Call it a market rally, or stock market inflation, the global equity markets are poised for more gains on hope that more stimulus will support economies, or at least the stock prices."

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