Singapore shares end week on high; STI up 0.7%

SINGAPORE - The benchmark Straits Times Index (STI) capped a week-long rally to touch a new high on July 18.

The STI rose 0.7 per cent, or 28.07 points, to close at 4,189.50, after hitting an intraday peak of 4,192.19.

The gains were buoyed by DBS Bank, which hit a high of $47.05 in the morning. It eventually closed 0.7 per cent, or 31 cents, higher at $46.99.

Seatrium was the STI’s top gainer of the day, rising 5.8 per cent, or 13 cents, to $2.38.

The offshore and marine specialist was also the most actively traded counter by volume, with 36.7 million shares worth $85.9 million traded.

The biggest decliner was property developer Hongkong Land. The counter fell 1.1 per cent, or seven US cents, to US$6.25.

Across the broader market, advancers outnumbered decliners 430 to 147, after 2.2 billion securities worth $1.6 billion changed hands.

Regional markets ended July 18 mixed.

Australia’s ASX 200 jumped 1.4 per cent to a record close of 8,757.20 points, and Hong Kong’s Hang Seng Index was up 1.3 per cent.

Meanwhile, Japan’s Nikkei 225 slipped 0.2 per cent ahead of its Upper House elections this weekend.

Mr Stephen Innes, managing partner at SPI Asset Management, said that political uncertainty is casting a long shadow over Japan’s markets, given that the ruling Liberal Democratic Party-Komeito coalition might fail to secure a majority win in the Upper House.

“That sets the stage for a potential leadership shuffle, snap election, or an unstable coalition – all of which would make investors nervous about Japan’s ability to navigate complex trade talks and push through cohesive fiscal policy,” Mr Innes said. THE BUSINESS TIMES