STI up 0.1% on Tuesday, tracking overnight gains on Wall Street
SINGAPORE shares rose on Tuesday (Oct 26), in line with most regional markets following overnight gains on Wall Street.
The benchmark Straits Times Index (STI) climbed 0.1 per cent or 2.71 points to close at 3,204.57. Across the broader market, gainers outnumbered losers 245 to 237 after 1.7 billion securities worth S$985.5 million changed hands.
IG market strategist Yeap Jun Rong said: "The Singapore index has been consolidating near its Covid-era high over the past week, which suggests that buyers are absorbing the selling pressure at this resistance level for now while awaiting further catalyst to induce a move higher."
Yeap observed that the latest SGX fund flow data shows net institutional fund inflows for the sixth consecutive week, reflecting ongoing confidence for eventual reopening plans. He added that the local banks' earnings releases next week could potentially be a near-term tailwind, given the earnings outperformance for global banks thus far.
The top STI gainer for the day was Hongkong Land, with its shares rising 3.5 per cent to close at US$5.34.
Keppel Corp shares fell 1.6 per cent to close at S$5.39, finishing at the bottom of the STI performance table. It disclosed on Monday that its offshore and marine subsidiary is facing a lawsuit in the United States with a claim that has been quantified around US$819.9 million.
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Outside the STI, Catalist-listed Sinjia Land was the most active counter by volume. The shares surged 25 per cent to close at S$0.125, with over 106 million shares worth S$12.8 million changing hands, triggering a query from Singapore Exchange Regulation on the unusual trading activity.
Elsewhere in the region, markets in Japan, Taiwan and South Korea closed higher, with major indices rising between 0.8 and 1.8 per cent. However, the Hang Seng Index in Hong Kong and Shanghai Composite Index fell 0.4 and 0.3 per cent respectively on Tuesday.
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