Bulls And Bears

Singapore shares continue to advance

Optimism over US economy and relief over French polls outcome combine to lift region

Singapore equities clocked gains for the third straight day yesterday as markets in the region maintained their upward momentum.

The benchmark Straits Times Index (STI) climbed 9.83 points or 0.31 per cent to 3,173.76, with 1.35 billion shares worth $1.24 billion changing hands across the bourse.

Elsewhere in Asia, Tokyo gained 1.1 per cent, Hong Kong was up 0.5 per cent and Shanghai added 0.2 per cent.

Much of this solid showing came on the back of renewed optimism about the American economy as relief over the French presidential election continued - two factors that helped Wall Street rise by a strong 1.12 per cent overnight.

Traders will now likely turn their attention to United States President Donald Trump's tax plans due to be released today.

There were 18 gainers among the 30 STI constituents, while 11 fell and one was flat.

Winners included Resorts World Sentosa operator Genting Singapore, which surged 3.7 per cent or four cents to $1.115, and developer Hongkong Land Holdings, up 2 per cent or 15 US cents to US$7.79.

DBS Group Holdings helped prop up the blue-chip index as well, with the stock advancing 0.6 per cent or 11 cents to $19.31. OCBC Bank put on 0.5 per cent or five cents to $9.76.

United Overseas Bank, however, was among the biggest laggards, falling 1 per cent or 23 cents to $21.71.

Property plays mostly fared well: City Developments jumped 2.1 per cent or 22 cents to $10.72; Ascendas Reit was up 2 per cent or five cents to $2.60; and CapitaLand advanced 1.4 per cent or five cents to $3.72.

An OCBC Investment Research report maintained a "buy" call on CapitaLand after the group posted a 77.2 per cent surge in first-quarter net profit to $386.8 million before markets opened yesterday.

Meanwhile, Croesus Retail Trust shot up 6.9 per cent or 6.5 cents to $1.005 after the trustee-manager, Croesus Retail Asset Management, said in the morning that it has been approached by a potential buyer. "Discussions are preliminary and there is no certainty or assurance whatsoever that these discussions will result in any transaction," it added.

Aoxin Q&M Dental Group finished at 24 cents in a stellar debut on the Catalist board, up 20 per cent from its initial public offering price of 20 cents.

The company, a spin-off of mainboard-listed Q & M Dental Group (Singapore)'s businesses in northern China, has a market capitalisation of more than $70 million.

Addvalue Technologies was the day's most heavily traded counter, sinking 4 per cent or 0.2 cent to 4.8 cents on 97.4 million shares done.

Other actives included Noble Group, down 3.9 per cent or 0.6 cent to 14.6 cents, and C&G Environment Protection Holdings, which soared 38.1 per cent or 0.8 cent to 2.9 cents.

A version of this article appeared in the print edition of The Straits Times on April 27, 2017, with the headline 'Singapore shares continue to advance'. Print Edition | Subscribe