Singapore stock market up for third day

SINGAPORE - The recovery in the local market continued into a third day, as the benchmark Straits Times Index (STI) closed 6.18 points or 0.18 per cent up at 3,353.85 on Friday (June 12), leaving it up by 0.61 per cent for the week.

The rebound at home mirrored a modestly positive showing at Wall Street, where Dow Jones Industrial Average went up 0.22 per cent overnight as investors cheered the 1.2 per cent rise in the United States retail sales in May.

"Before outcome of the next Federal Reserve meeting, the local market will likely continue its slight rebound for the early part of next week before investors take money off the table to avoid rate hike talks again," Phillip Futures analyst Daniel Ang said.

The most active stock was Catalist-listed steel trading company Albedo, which closed 0.3 cent or 23.08 per cent up at 1.6 cent with over 164 million shares changing hands.

The company announced on Thursday (June 11) that it has bought a 51 per cent stake in Taiwanese aesthetic medicine group China iMyth Company. The $18.9 million acquisition is aimed at providing Albedo a springboard to diversify into China's healthcare market.

On the STI, commodity giant Noble Group dropped the most, closing two cents or 2.84 per cent down at 68.5 cents, despite an announcement earlier that it has bought back 25 million of shares.

Palm oil play Wilmar International pared five cents or 1.49 per cent to close at $3.31 after Thursday's 1.51 per cent gain, while Golden-Agri Resources again closed flat at 40.5 cents. But First Resources outside the STI closed one cent or 0.49 per cent up at $2.04.

Meanwhile, Thai Beverage rose the most among blue chips, closing 2.5 cents or 3.33 per cent up at 77.5 cents. The regional F&B powerhouse remains a market favourite, after reporting a 10 per cent year-on-year growth in net profit for the quarter ended March 31.

Ascendas Real Estate Investment Trust closed seven cents or 2.94 per cent up to $2.45, while ComfortDelgro added eight cents or 2.56 per cent to close at $3.2.

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