Property shines as STI dips on mixed sentiment

Local shares ended the shortened week on a mixed note amid concerns over United States-China tensions and optimism about the lifting of Covid-19 lockdowns.

The benchmark Straits Times Index (STI) opened softer yesterday but edged higher through the day to close at 2,510.75, down just 4.49 points or 0.18 per cent.

Turnover was high, with three billion shares worth $4.16 billion traded. Gainers trumped losers 265 to 183.

Property was very much the theme among index components, with real estate investment trusts and developers accounting for seven of the eight best performers. The gainers were led by Mapletree Logistics Trust, up 6.77 per cent, CapitaLand Commercial Trust, which added 5.42 per cent, and CapitaLand Mall Trust, ahead by 5.18 per cent.

The STI's three biggest losers were Singapore Press Holdings (SPH), down 12.33 per cent, Sembcorp Industries, which fell 9.93 per cent, and Sats, down 5.67 per cent.

It was reported earlier this month that Mapletree Logistics Trust will be added to the MSCI Singapore Index following a review, with ComfortDelGro Corporation, Sats, Sembcorp Industries and SPH to be dropped. The changes took place at the close yesterday.

Among the smaller stocks, Spackman Entertainment Group was up 25 per cent to one cent.

Spackman said on Wednesday it would raise more than $5.35 million by issuing 743.6 million new shares to a group of investors. The placement shares represent about 63.1 per cent of Spackman's outstanding shares, but the investors are not taking control of the firm.

Broadway Industrial Group jumped 18.4 per cent to 11.6 cents. It said on Thursday it had entered into a "non-binding indicative proposal" to dispose of its hard disk drive business at a price yet to be disclosed.

Elsewhere in Asia, Hong Kong fell 0.74 per cent, Shanghai rose 0.22 per cent and Shenzhen added 0.95 per cent. South Korea ended only 0.05 per cent higher but the Kospi still gained 3.02 per cent for the week, the sharpest in four weeks.

Australia endured its worst day in two weeks, ending 1.6 per cent lower as markets nervously awaited a response from the US after China pushed ahead with a new security law for Hong Kong.

"While there are growing concerns about US-China tensions, these are being offset for the most part by the comfort of global monetary and fiscal support," said Mr Stephen Innes, chief global market strategist at AxiCorp.