Singapore stocks in positive territory despite tepid regional sentiment; STI up 0.4%
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The benchmark STI rose 0.4 per cent or 15.1 points to 3,739.47.
ST PHOTO: SHINTARO TAY
Yong Jun Yuan
SINGAPORE - Stocks in Singapore were in the black on Nov 11 as investor sentiment in the region weakened.
The benchmark Straits Times Index (STI) rose 0.4 per cent or 15.1 points to 3,739.47. Across the broader market, losers beat gainers 354 to 229 after 1.9 billion securities worth $1.5 billion changed hands.
Regional markets were mostly in the red on Nov 11. Hong Kong’s Hang Seng Index fell 1.5 per cent, while South Korea’s Kospi shed 1.2 per cent and Japan’s Nikkei 225 index edged up 0.1 per cent.
The tepid market sentiment may have stemmed from weaker-than-expected economic support from the Chinese government.
In a report released on Nov 11, UOB economist Ho Woei Chen noted that China’s National People’s Congress Standing Committee on Nov 8 approved a 10 trillion yuan (S$1.9 trillion) package to refinance local governments’ off-balance sheet debt from 2024 to 2028.
She said: “However, there was no new direct stimulus spending to raise consumption demand; and the long period of debt resolution suggests that the fiscal boost will be very limited in the near term.”
On the STI, UOB was at the top of the table. It gained 2.7 per cent or 96 cents to $36.65.
Yangzijiang Shipbuilding was at the bottom of the table. It fell 5.6 per cent or 15 cents to $2.53. It announced on Nov 7 that it has secured US$11.6 billion (S$15.5 billion) of order wins in the year to date.
Weak earnings appeared to have hurt Venture Corp’s share price as well. The company shed 5.5 per cent or 75 cents to $12.90.
It posted a 4.7 per cent decline in third-quarter net profit on Nov 8 after markets closed.
The company attributed a fall in revenue to softer demand in the life sciences, lifestyle consumer, and test and measurement instrumentation technology domains. THE BUSINESS TIMES
