Singapore stocks edge up, tracking regional gains; STI up 0.2%
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The benchmark Straits Times Index (STI) rose 0.2 per cent or 5.77 points to 3,338.57.
PHOTO: ST FILE
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SINGAPORE - Local stocks ended marginally higher on July 1, tracking regional gains.
The benchmark Straits Times Index (STI) rose 0.2 per cent or 5.77 points to 3,338.57.
Across the broader market, losers outweighed gainers 206 to 184, after 940.6 million securities worth $952 million changed hands.
Key indexes in the region ended marginally higher.
Japan’s Nikkei 225 was up 0.1 per cent, the Kospi Composite Index in South Korea was up 0.2 per cent, while Hong Kong’s market was closed for a holiday.
The FTSE Bursa Malaysia KLCI tracked major indexes and was up 0.5 per cent.
Mr Yeap Jun Rong, market analyst at IG, noted that the market movements were a reaction to China’s official Purchasing Managers’ Index data released over the weekend. While the data is in line with expectations, it is the second consecutive month of contraction.
Non-manufacturing activities in China were also at the lowest reading in four months, pointing to fading growth momentum. Market expectations might be raised for a more supportive stimulus package by the Chinese authorities at the upcoming third plenary session from July 15 to 18.
On the STI, the biggest gainer was Seatrium, which rose 4.4 per cent or 6 cents to $1.44.
The biggest decliner was Yangzijiang Shipbuilding which fell 2.4 per cent or 6 cents to $2.40.
The three local banks put up a mixed performance, with DBS Bank rising 0.9 per cent or 33 cents to $36.12, OCBC Bank gaining 0.5 per cent or 7 cents to $14.50, and UOB falling 0.1 per cent or 3 cents to $31.30. THE BUSINESS TIMES
