Singapore stocks end higher amid mixed regional showing; STI up 0.2%

SINGAPORE - Singapore stocks closed higher on May 18, with a mixed performance in regional markets amid escalating geopolitical tensions and a surge in oil prices.

The benchmark Straits Times Index (STI) gained 0.2 per cent or 7.67 points to finish at 4,996.75.

ST Engineering led the gainers on Singapore’s blue-chip index, rising 4.1 per cent or 42 cents to $10.79.

The worst performer among STI constituents was Hongkong Land, which fell 2.7 per cent or 22 US cents to US$7.99.

Asset manager Keppel ended 2.1 per cent or 22 cents lower at $10.38.

This came after the Infocomm Media Development Authority halted its assessment of the proposed consolidation between M1 and Simba Telecom until further notice.

The halt came after the authority learnt that Simba could have been using radio frequency bands that it had not been not assigned to provide mobile services.

The asset manager said that it will allow the sale and purchase agreement between M1 and Simba to lapse upon reaching the long-stop date on May 21.

The three local banks ended mixed on May 18.

DBS Bank rose 0.9 per cent or 56 cents to $60.76, and OCBC Bank was up 0.5 per cent or 11 cents at $23.04. Meanwhile, UOB finished 0.03 per cent or one cent lower at $37.29.

Within the iEdge Singapore Next 50 Index, Pan-United was the top gainer, rising 1.2 per cent or two cents to finish at $1.67.

UltraGreen.ai was the index’s biggest decliner, falling 7 per cent or nine US cents to end the session at US$1.20.

Across the broader market, losers beat gainers 437 to 221, after two billion securities worth $2.1 billion changed hands.

Key regional indexes were mixed. Hong Kong’s Hang Seng Index lost 1.1 per cent, Japan’s Nikkei 225 fell 1 per cent and the FTSE Bursa Malaysia KLCI declined 0.7 per cent. South Korea’s Kospi, meanwhile, was up 0.3 per cent. THE BUSINESS TIMES