STI rises for third straight day

The Singapore Exchange (SGX) Centre at Shenton Way.
The Singapore Exchange (SGX) Centre at Shenton Way.PHOTO: REUTERS

SINGAPORE - Local shares racked up a third straight day of gains as optimism continued to make its presence across the market.

The Straits Times Index took the hint and added 36.79 points, or 1.09 per cent, to end the day at 3,423.38.

The market was bubbly when it opened in the morning, before coming down a tad after lunchtime.

Fashion retailer F J Benjamin Holdings was slapped with a query by the bourse operator. Its e stock jumped by 2.5 cents, or an eye-catching 36.2 per cent, to 9.4 cents.

The company responded that it was not aware of any possible explanation, besides a proposed renounceable non-underwritten rights cum warrants issue announced last month.

Yoma Strategic Holdings, which is selling shares in MM Myanmar to the Catalist-listed SHC Capital Asia, was up by 1.5 cents, or 3.09 per cent, to 50 cents.

Yanlord Land Group, which managed to sell all 636 apartments in the latest phase of a project launch in Nanjing in just one day, added three cents or 1.77 per cent, to $1.73.

Keppel Corporation shrugged off the news that a planned disposal of its stake in a China marina project is being blocked by the minority shareholder of that project. The counter put on 12 cents, or 1.63 per cent, to $7.49.

OUE Hospitality Trust, which OCBC Investment Research singled out as "most positive" compared with the other hospitality Reits it covers, added 1.5 cents, or 1.85 per cent, to 82.5 cents.

Commodities giant Wilmar International, fresh off a deal to buy Cargill's edible oil facilities in Kuantan, rose one cent, or 0.32 per cent, to $3.15.

OUE Lippo Healthcare added 0.4 cents, or 3.25 per cent, to 12.7 cents.

It had earlier responded to media reports that it would be selling a prime parcel of land in Kuala Lumpur.

The company clarified in a Singapore Exchange announcement that "evaluation of its options in respect of the land is exploratory and preliminary".

UOL Group, after raising its stake in United Industrial Corporation (UIC), rose 23 cents, or 2.64 per cent, to $8.96.

UIC itself also ended higher, two cents, or 0.61 per cent, to $3.32.

The average acquisition price was about $3.3072 for each UIC share.

But Haw Par Corporation, which sold its UIC shares to UOL, fell 29 cents, or 2.5 per cent, to $11.31.

New Wave Holdings was also down after news on Monday that no bids were received at the close of the tender exercise for the collective sale of Jalan Besar Plaza, where it owns office space. New Wave shed 0.1 cent, or 6.67 per cent, to 1.4 cents.

Singapore Technologies Engineering lost one cent to $3.28.

Its aerospace arm has landed a 15-year component maintenance contract for Bahrain flag carrier Gulf Air's new Boeing 787 fleet but the planes are set to arrive only from the second quarter of next year.

Markets around the world rallied in spite of the prospect of new elections in Germany.

The Nikkei bounced back from Monday's dip to put on 0.7 per cent, with the greenback edging up a smidgen against the yen.

The Hang Seng notched a 1.91 per cent gain, with Shanghai up by 0.53 per cent and Shenzhen by 0.79 per cent.

And the Kospi added 0.12 per cent, even as United States President Donald Trump put Seoul's neighbour and foe, North Korea, back on the list of state sponsors of terrorism.