Singapore shares miss out on regional rally; STI dips 0.1%
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Gainers beat decliners slightly 255 to 245 across the broader market.
ST PHOTO: BRIAN TEO
Tay Peck Gek
SINGAPORE - Singapore shares started the week closing slightly lower, bucking the trend elsewhere in the Asia-Pacific, which rode on a record-breaking session on Wall Street on June 27.
The Straits Times Index (STI) was 0.1 per cent or 1.91 points down at 3,964.29 points on June 30, despite the blue-chip gauge opening higher as it failed to maintain the momentum in a choppy session.
Nonetheless, gainers beat decliners slightly, 255 to 245 across the broader market, amid a transaction volume of 2.45 billion, totalling $1.36 billion in value.
Wilmar International shares continued to be under pressure after the agribusiness disclosed a fortnight ago that it handed over 11.8 trillion rupiah (S$926 million) to the Indonesian authorities over corruption charges despite it having been cleared by the district court.
The STI constituent stock was at a 52-week low of $2.87, down 1.4 per cent or four cents, at June 30’s market close.
In contrast, two construction players hit their 52-week-highs – OKP at 85.5 cents and Keong Hong at 12.2 cents. Neither made any market-moving announcements, however. OKP shares were up 1.2 per cent or one cent; Keong Hong’s rose 2.5 per cent or 0.3 cent. Construction counters have been enjoying bullish market sentiment, driven by the announcements of high-value orders bagged by some of them.
Meanwhile, the S&P 500 and Nasdaq finished at all-time peaks on June 27, amid optimism that governments will be able to negotiate for a better trade deal with the US and avoid the punishing tariffs imposed by US President Donald Trump’s administration in April.
The Wall Street rally fuelled most markets in Asia to finish higher; Japan’s Nikkei 225 closed at a more than 11-month high, at 40,487.39 points. THE BUSINESS TIMES