STI ends choppy week on positive note as investors turn optimistic

Optimism took hold of local investors yesterday to allow the market to inch up and end a choppy week on a positive note.

While buying levels were modest, the Straits Times Index (STI) managed to eke out a rise of 16.99 points, or 0.53 per cent, to 3,201.76, culminating in a 0.5 per cent advance over the week.

There were 1.57 billion shares worth $1.27 billion traded, with gainers beating losers 282 to 183.

STI's star was Singtel, up 4.9 per cent to a nine-month high of $2.55 on turnover of 91.4 million.

Citi said on Thursday that it had started a "positive catalyst watch" on the stock, noting that strategic changes could be announced when new chief executive Yuen Kuan Moon provides guidance as early as next month, when the telco announces its results.

Bloomberg said Mr Yuen could consider various options to boost earnings such as selling loss-making units, spinning off some infrastructure assets and creating value in underappreciated assets.

The worst index performer was Sembcorp Industries, after having risen 3.7 per cent on Thursday. Its shares fell 2.02 per cent to $1.94.

The bourse's most active stock was mm2 Asia following its rights issue, which raised nearly $54.7 million. Around 139.5 million shares changed hands with the stock adding 5.26 per cent to six cents.

Asian markets finished higher: the Nikkei 225 added 0.14 per cent; the Hang Seng put on 0.61 per cent, the Shanghai Composite advanced 0.81 per cent and Malaysia's KLCI rose a marginal 0.01 per cent.

This was following robust economic data out of the United States overnight which helped propel US benchmark indexes to record highs. This also buoyed investors down under, sending the ASX 200 up to its highest close in 14 months.

China reported that its economy expanded at its fastest pace on record in the first quarter, recovering sharply from its Covid-19-hit period last year.