Singapore counters close higher; STI rises 0.3%
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The Straits Times Index closed 12.87 points, or 0.3 per cent, up at 4,393.92.
ST PHOTO: BRIAN TEO
Tay Peck Gek
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- Singapore's STI rose 0.3% to 4,393.92 despite Wall Street's mixed performance and uncertainty around the Trump-Xi meeting.
- Jardine Matheson was the STI's worst performer, declining 4.7%, while Addvalue Technologies saw the highest trading volume.
- SPI's Stephen Innes noted the market's hesitation due to "brinkmanship dressed as diplomacy" surrounding the US-China summit.
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SINGAPORE - Counters on the Singapore stock exchange broadly closed higher on Oct 22, as investors shrugged off a mixed showing on Wall Street overnight and lingering ambiguity over a meeting between US President Donald Trump and Chinese President Xi Jinping.
The Straits Times Index (STI) closed 12.87 points, or 0.3 per cent, up at 4,393.92.
STI constituent Jardine Matheson was the worst performer on the blue-chip barometer, with a 4.7 per cent, or US$3.12, decline to US$62.78. Two of its units followed closely behind. DFI Retail Group dipped 1.2 per cent, or four US cents, to US$3.41, and Hongkong Land slid 1.3 per cent, or eight US cents, to US$6.15.
Mr Stephen Innes, managing partner at SPI Asset Management, said traders have seen the Trump-Xi “maybe, maybe not” summit theatrics before, describing this as “brinkmanship dressed as diplomacy, uncertainty masquerading as intent”.
“The market doesn’t tank on that – it just hesitates, trying to read the bluff,” he added.
The Dow Jones Industrial Average rose 0.5 per cent overnight; the S&P 500 was flattish, and the Nasdaq Composite was down 0.2 per cent.
Back in Singapore, there were 311 gainers and 262 decliners across the broader market on Oct 22, with 1.4 billion securities totalling $1.6 billion in value changing hands.
Addvalue Technologies was the most actively traded counter by volume, with 53.2 million shares transacted by the time it closed 4.8 per cent, or 0.2 cent, lower at four cents.
The banking counters had a mixed showing: OCBC slipped 0.1 per cent, or one cent, to $16.82; UOB was flattish at $34.55; and DBS rose 0.9 per cent, or 45 cents, to $52.78. THE BUSINESS TIMES
