STI up 0.6%, tracking rally in Asian equities

SINGAPORE stocks rose on Friday (Jun 24) as the authorities released an upbeat set of factory output results for May, which beat analysts’ expectations on the back of a surge in semiconductor production.

The benchmark Straits Times Index (STI) closed 0.6 per cent or 18.85 points higher at 3,111.65. Across the broader market, gainers outnumbered losers 314 to 204 after 1.1 billion securities worth S$882.2 million changed hands. 

Major indices in Hong Kong, Japan, Australia, South Korea, Malaysia and Indonesia also rose, ending between 0.4 per cent and 2.3 per cent higher, with the Kospi gaining the most.

While Singapore’s industrial production was lined up in the economic calendar, IG market strategist Yeap Jun Rong said risk appetite might have taken a greater cue from global market sentiments.

Regional markets could have rubbed off the late-night rally overnight as US equity markets tapped a fall in bond yields for some recovery, he said.

Among STI constituents, Mapletree Logistics Trust was the top performer, closing  3.7 per cent or S$0.06 higher at S$1.70. Trailing behind was ST Engineering, which closed up 2.8 per cent or S$0.11 at S$4.01.

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Yangzijiang Shipbuilding continued its fall and finished at the bottom of the STI performance table for a second day in a row. The counter shed 0.5 per cent to close at S$0.95.

The trio of banks were mostly down. UOB ended 0.2 per cent or S$0.05 lower at S$26.40, while DBS slipped 0.1 per cent or S$0.04 to close at S$29.81. OCBC closed flat at S$11.33.

In the broader market, Mencast was among the most actively traded counters by volume. The watchlisted engineering services company closed up 23.9 per cent or S$0.011 at S$0.057 after some 35.5 million of its shares worth S$1.9 million exchanged hands.