Singapore shares break three-day losing streak; STI up 0.4%

The benchmark Straits Times Index rose 13.11 points.
The benchmark Straits Times Index rose 13.11 points.ST PHOTO: DESMOND WEE

SINGAPORE (THE BUSINESS TIMES) - Local shares broke a three-day losing streak on Wednesday amid mixed trading in the Asia-Pacific region.

The benchmark Straits Times Index (STI) rose 13.11 points, or 0.4 per cent, to 2,958.63 points, with gainers outnumbering losers 282 to 206 on trade of 3.39 billion shares worth $1.27 billion.

Venture Corporation was the STI's top gainer, rising 2.3 per cent to $20.37, while Jardine Strategic Holdings was at the bottom of the table, down 3.2 per cent to US$26.81.

DBS Group Research said in a note that in the short term, Covid-19 beneficiaries such as Sheng Siong, personal protective equipment manufacturers and semiconductor stocks should outperform pandemic casualties ahead of the results season.

Catalist-listed China Star Food Group was the most active counter, with more than 355 million shares traded. It fell 12 per cent to 4.4 cents after giving up earlier gains.

The company announced a proposed placement of 290 million new shares at 2.1 cents apiece last week, adding on Tuesday that it has received the listing and quotation notice from the Singapore Exchange for the shares.

Meanwhile, Asian markets were mixed as investors awaited the outcome of the United States Federal Reserve's policy meeting later in the day.

The Nikkei 225 in Japan rose 0.3 per cent, while the Shanghai Composite finished 0.1 per cent higher.

However, the Hang Seng Index in Hong Kong fell 0.3 per cent and South Korea's Kospi declined 0.6 per cent.