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STI slips 10.82 points to close at 2,519.48; SIA the best performer, SGX is worst

SINGAPORE stocks ended Wednesday on a softer note, with the benchmark Straits Times Index closing at 2,519.48, down 10.82 points, or 0.43 per cent.

This mirrored the broadly-softer tone across the region, following an interesting overnight Wall Street session that saw the S&P500 climb above the 3,000 mark as well as its 200-day moving average before slipping back down.

The S&P500 ended its Tuesday session at 2991.77, up 36.32 points, or 1.23 per cent. At that level, the index was only 8 per cent below where it was at the beginning of the year.

The worst-performing component of the STI on Wednesday was Singapore Exchange. The shares of the local exchange operator tumbled 11.6 per cent to end the day at S$8.75.

This came amid news suggesting that its arch rival Hong Kong Exchanges and Clearing could be muscling into its derivatives business.

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At the other end of the spectrum, Singapore Airlines was the best-performing component of the STI on Wednesday, with its shares rising strongly towards the end of the day to close at S$3.76, up 4.44 per cent.

This came amid news of China’s civil aviation authority continuing to ease restrictions on flights to mainland airports.

Among the smaller stocks in the local market, the clutch of Covid-19 beneficiaries continued to draw attention. Glove maker Riverstone marked a new 52-week high for the second consecutive day, rising 2.35 per cent to close at S$2.18.

Personal protective equipment maker Medtecs International also hit a new 52-week high, closing at S$0.235, up 23.7 per cent for the day.

For Q1 2020, Medtecs reported a more than 15-fold jump in net profit to nearly US$3.7 million on a 138 per cent rise in revenue to US$39.8 million.

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