Singapore stocks edge up amid mixed trading in Asia

The Straits Times Index (STI) rose 0.4 per cent to close at 3,192.12 points yesterday. In the wider market, gainers beat losers 248 to 183, with one billion shares worth $741.2 million changing hands.

According to the latest Singapore Exchange fund flow data on Monday, the STI clocked a six-week high for net institutional fund inflows last week as it gained 2.7 per cent.

IG market strategist Yeap Jun Rong said: "While this may be a positive sign for some relief, the inflow amount of $97 million still trails behind previous outflow amounts, denoting that some reservations could still be in place among institutional investors."

He said it remains to be seen if the STI can continue to attract fund inflows from institutional investors in the coming weeks.

Elsewhere in Asia, Japan's Nikkei 225 lost 0.2 per cent while the Kuala Lumpur composite index shed 0.4 per cent. South Korea's Kospi was up 0.4 per cent and the Jakarta composite index gained 0.2 per cent.

Hong Kong's Hang Seng Index rose 1.7 per cent, thanks to a surge in the technology sector after Alibaba said it was planning a primary listing in the city that could pave the way for mainland Chinese investors to invest in the Internet company.

The biggest winner on the STI was CapitaLand Integrated Commercial Trust, which gained 1.9 per cent to close at $2.14.

Singtel was the most heavily traded counter by volume, gaining 0.8 per cent to close at $2.64 after 22.4 million shares worth $58.8 million changed hands.

The telco announced that it would divest its US media and advertising subsidiary Amobee, excluding its e-mail solutions business, for US$239 million (S$332 million). It will realise about US$197 million in net proceeds, exceeding the subsidiary's carrying value of US$160 million.

Jardine Matheson Holdings was at the bottom of the table, slipping 1.7 per cent to close at US$53.01.