Rising tide for Seatrium lifts Singapore stocks marginally; STI up 0.1%
Sign up now: Get ST's newsletters delivered to your inbox
Seatrium was the most heavily traded stock by value.
PHOTO: ST FILE
Joan Ng
Follow topic:
SINGAPORE - The Straits Times Index (STI) finished May 27 at 3,318.45, up 1.89 points or 0.1 per cent.
Across the broader market, advancers beat decliners 328 to 236, with $967.7 million worth of securities changing hands.
Seatrium was the most heavily traded stock by value. The provider of engineering solutions to the offshore, marine and energy industries gained 11.7 per cent, or 18 cents, to end the day at $1.72, following news of a contract win.
On the morning of May 25, Seatrium announced it will supply floating production storage and offloading vessels (FPSO) to Brazilian oil company Petrobras.
FPSO vessels are used to process crude oil and other hydrocarbons from subsea oil wells.
Seatrium’s gains made it the top performer in the STI on May 27, helping to lift the index. It has a small weighting however – roughly 1.1 per cent according to Bloomberg calculations.
The second-best performer was ground handler and cargo company Sats, which gained 3.9 per cent, or 10 cents, to $2.65. The company will release its financial results for financial year 2024 on May 30, before market trading hours.
Most East Asian markets ended the day in positive territory as well, possibly on the back of upward momentum from May 24. Japan’s Nikkei 225 gained 0.7 per cent, Hong Kong’s Hang Seng Index rose 1.2 per cent and the Shanghai Composite Index closed up 1.1 per cent.
Several of South-east Asia’s benchmarks, however, ended lower. Malaysia slipped 0.1 per cent, Indonesia fell 0.6 per cent and the Philippines lost 0.7 per cent. THE BUSINESS TIMES
