STI down 0.37% on muted trading

MUTED trading continues among Singapore's blue chips, with the Straits Times Index (STI) down 9.52 points or 0.37 per cent to 2,573.45. Losers outnumbered gainers 215 to 185, after about 1.33 billion securities worth S$1.29 billion changed hands.

The biggest losers on the index were CapitaLand Mall Trust and CapitaLand Commercial Trust, which respectively lost S$0.08 or 3.98 per cent to S$1.93, and S$0.05 or 2.89 per cent to S$1.68, after their second-quarter earnings last week showed that they were clearly undergoing strain as a result of Covid-19. 

The biggest gainer was Venture Corporation, which rose S$0.62 or 3.58 per cent to S$17.94. It was among the four most defensive stocks in the first half of this year, said the Singapore Exchange (SGX), as technology and healthcare counters likewise propelled global indices from January to June.

Bolstered by a consistent amount of net institutional buying, Venture has also shown positive momentum in its share price, and beat consensus estimates for the quarter ended in March, SGX said. It is due to release its first-half results on Aug 7 after market hours.

The most active counter of the day was Catalist-listed IPS Securex, which added S$0.014 or 12.7 per cent to S$0.124, riding on the optimism of last week's profit guidance, in which it had said that it expects to report a net profit for the financial year ended June 30, a turnaround from an audited net loss for FY2019.

This was thanks to an improvement in revenue due to the income recognition of more projects completed during the year, as well as continued cost-control measures at the corporate level.

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The performance of regional markets was mixed, with Japan's benchmark Nikkei 225 down 1.15 per cent as the yen rose; Hong Kong's Hang Seng Index rose 0.45 per cent, China's benchmark Shanghai Composite Index added 2.06 per cent, and Malaysia's KLCI added 0.09 per cent.