Singapore shares edge up, snapping 2-day losing streak

SINGAPORE (THE BUSINESS TIMES) - Local counters snapped a two-day losing streak on Wednesday (Aug 18) as waves of cautious optimism swept over most regional markets.

The Straits Times Index ended at 3,131.44, up 0.4 per cent or 12.93 points with gainers trumping losers 323 to 165 on trade of 1.35 billion shares worth $1.22 billion.

Other Asian markets reflected similar upbeat sentiment. The Nikkei 225 gained 0.6 per cent, while the Hang Seng Index and Kospi each added 0.5 per cent. The KLCI inched up 0.1 per cent.

Singapore Exchange market strategist Geoff Howie noted that the growing impact of the Delta variant saw medical suppliers in Singapore - particularly the trio of glove makers and Medtecs International - end the day in the black.

Top Glove added 2.5 per cent to $1.24, Riverstone gained 3.3 per cent to $1.24, UG Healthcare put on 1 per cent to 52 cents and Medtecs rose 4.4 per cent to 60 cents.

Mr Howie said that multiple "service-oriented stocks" made gains ahead of the easing of restrictions that will allow up to 50 per cent of the Singapore workforce to return to the workplace from today.

Property plays with commercial buildings under their belts were among the biggest gainers.

UOL rose 2.6 per cent to $7.24, while City Developments added 1.2 per cent to $7.04 and CapitaLand gained 1.8 per cent to $4.03.

Nanofilm Technologies also made gains after the company acknowledged that there are gaps to be plugged when it comes to communicating with the market.

The counter closed at $3.96, up 3.7 per cent.

DBS was one of the biggest decliners, falling 0.2 per cent to $30.42. Venture Corporation was another top loser, shedding 0.2 per cent to $19.10.

Sembcorp Marine was one of the most heavily traded. Shareholders have until Friday to lodge their proxy forms for voting on the company's recently proposed rights issue to raise $1.5 billion.

The counter rose 0.9 per cent to end the day at 10.8 cents after 41.7 million shares were traded.