Bulls And Bears
S'pore stocks end with slight gain amid quiet trading across region
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Janice Lim
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- Decliners beat gainers 247 to 240 as 1.85 b shares are traded
- Japan, HK stocks finish flat but Shanghai, Shenzhen close up
- Sembcorp Industries, Jardine Cycle & Carriage are STI gainers
Singapore stocks finished higher on Tuesday after a day of subdued trade across most of the region as there were few market-moving events with markets in the United States closed for a holiday.
The Straits Times Index (STI) rose 0.3 per cent to 3,224.18. Losers beat gainers 247 to 240, with 1.85 billion shares worth $957.2 million changing hands.
Other key indexes in the region had a muted session, with Hong Kong's Hang Seng index closing slightly lower by 0.1 per cent, while Japan's Nikkei ended nearly flat, gaining 0.02 per cent. But the Shanghai Composite Index jumped 1.4 per cent and the Shenzhen Composite Index climbed 1.2 per cent after China vowed fresh stimulus measures for the troubled economy.
Among STI constituents, Jardine Cycle & Carriage and Sembcorp Industries were the top two gainers on Tuesday. Jardine Cycle & Carriage's share price rose 6.3 per cent to $34.43, recovering from losses on Monday. Close to 830,000 of its shares changed hands.
Sembcorp Industries also saw a 4.5 per cent increase in its share price to $3.48, with about 21.5 million of its securities transacted. The engineering services company announced late on Monday that its wholly-owned subsidiary, Sembcorp Utilities, had agreed to sell its stake in its India-based coal power unit to Tanweer Infrastructure.
In a research note on Tuesday, DBS Group Research said that Sembcorp Industries' divestment of the power plant is a significant decarbonisation milestone, and that the company is ahead of its green transformation targets. "The good progress of its renewable strategy and decarbonisation initiatives warrant further re-rating," it said.
Meanwhile, the improved supply-demand fundamentals in Singapore's power market should lift its near-term earnings, said DBS.
Property developer UOL was the day's top decliner, with its price dropping by 1.1 per cent to $6.95 at the end of Tuesday's trading.
