Singapore shares had a choppier session yesterday after three buoyant days but still ended up, alongside most key Asian markets.
The benchmark Straits Times Index (STI) closed 5.44 points or 0.19 per cent higher at 2,846.37 with 933.9 million shares transacted.
It was up 110.98 points or 4.06 per cent for the week on the back of a global post-Brexit rebound that saw bargain-hunters rushing in.
London's FTSE 100 rose about 0.8 per cent by noon yesterday.
Shanghai put on 0.1 per cent, Tokyo rose 0.68 per cent and Sydney added 0.25 per cent while Hong Kong was closed for a holiday.
The risk appetite on Wall Street was stronger, with the Dow Jones Industrial Average closing up 1.33 per cent overnight.
IG market strategist Bernard Aw called the strong recovery this week "disconcerting" as investors seemingly "dismissed the gravity of the (Brexit vote) outcome".
"I am sceptical about the sustainability of the risk rally given the enormous headwinds on the horizon, alongside the political wrangling in Britain, which will fuel the lifespan of uncertainty," Mr Aw cautioned in a note yesterday.
Fourteen STI component stocks rose while 11 ended in the red. Among the gainers, Sats performed the best, closing up 11 cents or 2.68 per cent at $4.22. CapitaLand Commercial Trust also did well, up 2.5 cents or 1.69 per cent to $1.50 on 10.3 million shares traded.
CapitaLand added one cent or 0.33 per cent to $3.08, and UOL closed up six cents or 1.1 per cent at $5.52. But City Developments lost one cent or 0.12 per cent to $8.13.
Maybank Kim Eng analyst Derrick Heng downgraded his view on Singapore's property sector to neutral, citing persistent headwinds from the cooling measures.
He said in a report this week, "Our recent macro-analysis suggests property cooling measures could be in place for longer than expected. As such, expectations of a strong rebound in home sales may not materialise in the near term."
The top losing blue chip yesterday was Hutchison Port Holdings Trust, off two US cents or 4.4 per cent to 43.5 US cents.
Ascendas Real Estate Investment Trust fell two cents or 0.81 per cent to $2.46 as investors took profit on its 7 per cent rise in preceding days.
Outside the STI, Noble Group fell 0.4 cent or 2 per cent to 19.6 cents. It was one of the most active, with 88 million shares changing hands.
Jumbo Group put on 3.5 cents or 6.09 per cent to 61 cents. The seafood restaurant operator has been well regarded by analysts because of its expansion plans in China.
DBS analysts gave Jumbo a buy call with a 69 cent target price.
"We continue to like Jumbo for its rapid growth in China, close to 30 per cent of forecast return on equity in financial year 2016, relatively higher margin than peers, cash generative business, and strong net cash balance," they said.