STI ends flat as regional indexes close mixed

SINGAPORE - The Straits Times Index (STI) closed flat on July 22, as regional indexes showed mixed performances.

The STI closed up 0.03 per cent, or 1.13 points, to 4,208.26.

Across the broader market, advancers outnumbered decliners 329 to 229 after 1.4 billion shares worth $1.3 billion changed hands.

The trio of local banks closed lower on July 22. DBS fell 0.02 per cent, or one cent, to $47.25; UOB was down 0.3 per cent, or 10 cents, to $37; and OCBC declined 0.5 per cent, or eight cents, to $17.19.

Jardine Matheson was the top gainer on the STI, closing up 2.5 per cent, or US$1.35, to US$55.26.

The biggest loser was Wilmar International, which closed down 0.7 per cent, or two cents, to $3.

Across the region, major indexes were mixed, with the Kospi down 1.3 per cent and the Nikkei 225 down 0.1 per cent. Hong Kong’s Hang Seng Index closed up 0.5 per cent and the KLCI dropped 0.3 per cent.

The approach to earnings season by companies has been cautious, with many downshifting their guidance in the first quarter, citing tariff risk and macro uncertainty, said Mr Stephen Innes, managing partner at SPI Asset Management.

This has created some room for positive surprises, as some of the second quarter’s strength has been in front-loaded demand, promising stronger revenue and profits.

Now, more companies are raising their forward estimates, from 57 per cent of companies in April to 75 per cent, said Mr Innes.

“We’re seeing broader participation, with cyclicals, industrials and select consumer names also contributing.”