Singapore stocks stage rally amid mixed regional trading

Singapore stocks rebounded yesterday following a two-day losing streak, amid mixed showings in regional markets.

The benchmark Straits Times Index (STI) rose 0.1 per cent or 4.06 points to close at 3,307.13.

Shares of Sembcorp Industries led gains on the index, climbing 3.8 per cent to close at $2.99. The rise extends the counter's position as the top index gainer for the year to date, having risen 49.5 per cent since end-2021.

Meanwhile, Yangzijiang Shipbuilding finished at the bottom of the STI performance table yesterday, after falling 1.8 per cent to $1.60.

Across the broader market, losers outnumbered gainers 244 to 211 after two billion securities worth $1.2 billion changed hands.

OCBC shares were among the most actively traded by value, with the counter falling 0.5 per cent to $11.90 after shares worth $93.2 million were traded.

IG market strategist Yeap Jun Rong noted that the latest Singapore Exchange fund-flow data showed a third consecutive week of net outflows from institutional investors last week.

The financial sector continued to see "huge outflows" - around $210 million - with institutional investors paring down their exposure in the sector, he added.

"This may present a headwind for any sustained upside in the STI, with the sector accounting for more than 40 per cent of overall weightage in the index."

Elsewhere, key indexes in Tokyo, Australia and South Korea ended higher yesterday, rising between 0.6 per cent and 1 per cent.

Meanwhile, the Shanghai Composite Index and Hang Seng Index closed lower, falling 0.05 per cent and 2.3 per cent respectively.

China's technology stocks led the slump in Hong Kong as trading resumed after the long holiday weekend. Investors appear concerned about government regulation and a potential delisting of US-traded shares.

• Additional reporting by Bloomberg