Singapore shares decline 0.3% despite regional rally
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Across the broader market, gainers beat losers 344 to 257 after 1.24 billion securities worth $883.5 million changed hands.
PHOTO: LIANHE ZAOBAO
Yong Jun Yuan
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SINGAPORE - The Straits Times Index (STI) shed 0.3 per cent or 9.46 points to close at 3,061.85 on Friday, even as other markets in Asia rose.
Across the broader market, gainers beat losers 344 to 257 after 1.24 billion securities worth $883.5 million changed hands.
On the STI, CapitaLand Integrated Commercial Trust (CICT) was the top gainer. The real estate investment trust’s units rose 1.8 per cent or three cents to $1.74.
In a research report published on Friday, RHB analyst Vijay Natarajan upgraded his call on CICT to “buy” from “neutral” and maintained a target price of $2. He noted that its valuations are now more attractive as it trades at about 0.8 times book value after a recent market sell-off.
At the bottom of the table was Singapore Airlines, which shed 2.4 per cent or 15 cents to $6.06.
The trio of local banks ended in the red on Friday. UOB shed 0.9 per cent or 25 cents to $27.03, OCBC Bank fell 0.7 per cent or nine cents to $12.76. DBS edged down 0.03 per cent or one cent to $33.13.
In a research report on UOB released on Friday, CGS-CIMB analysts reiterated their “add” call with an unchanged target price of $33.30 after the lender posted its third-quarter earnings on Thursday.
“UOB’s defensive stance bodes well for capital preservation,” they said, noting that the bank sacrificed some margin by deploying funds into lower-yield but more liquid interbank holdings to maintain a strong liquidity and funding profile.
Major markets in the region were in the black.
Japan’s Nikkei 225 index gained 1.3 per cent, Hong Kong’s Hang Seng Index rose 2.1 per cent and South Korea’s Kospi rose 0.2 per cent. THE BUSINESS TIMES
