Bulls And Bears
Singapore market on track for strongest Q1 gain in nine years
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Uma Devi
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• Rotation from technology stocks to banks a 'key theme'
• UOB, DBS among top gainers; Jardine firms among top losers
• Straits Times Index edges up 0.3% to close at 3,141.71
Investors drove the local market marginally higher yesterday to keep it on track for its best first-quarter gain in nine years.
The benchmark Straits Times Index (STI) rose 0.3 per cent, or 8.4 points, to close at 3,141.71 with much help from the banks.
Singapore Exchange market strategist Geoff Howie said yesterday's advance indicates that the index is poised to see its strongest first-quarter gain since 2012.
The STI's quarter-to-date price gain stands at 10.5 per cent, with dividends boosting the total returns to 10.9 per cent.
"Like in 2012 and 2017... the local benchmark has outpaced regional benchmarks, with the STI close to tripling the gains of the broader Asia-Pacific benchmarks," Mr Howie said, adding that the rotation from technology to banks was a "key theme".
Across the broader market, gainers outnumbered losers 250 to 219, with 1.61 billion securities worth $1.65 billion changing hands.
Two banks were among the biggest gainers. UOB came out tops, rising 1.6 per cent to $25.85, while DBS gained 0.7 per cent to $28.50. OCBC charted a more muted rise, closing at $11.62, up 0.1 per cent.
At the other end of the spectrum, members of the Jardine Group of companies were among the biggest losers. Jardine Matheson Holdings fell 1.8 per cent to US$65.52, Jardine Strategic Holdings lost 1 per cent to US$33.50, while Hongkong Land shed 3.8 per cent to US$4.82. Dairy Farm also slipped, down 2.5 per cent to US$4.32.
Tech plays were also among the decliners. Venture Corporation lost 1.8 per cent to $20.03, AEM Holdings slipped 1.4 per cent to $4.12, while UMS Holdings fell 2.3 per cent to $1.26. Nanofilm Technologies also ended in the red, closing at $4.86, down 1.8 per cent.
It was mixed elsewhere in the region. The Kospi added 0.4 per cent and the Nikkei 225 gained 1.1 per cent, but the Hang Seng dipped 0.1 per cent and KLCI slid 0.3 per cent.
