STI up 0.3% amid mixed showing by Singapore shares
Sign up now: Get ST's newsletters delivered to your inbox
The worst STI performer on Dec 2 was agri-business group Wilmar International, which ended 1.5 per cent lower at $3.20.
PHOTO: ST FILE
Tay Peck Gek
Follow topic:
- Singapore's Straits Times Index (STI) rose by nearly 0.3% to 4,537.96, while the iEdge Singapore Next 50 Index decreased by more than 0.5%.
- Wilmar International was the worst STI performer, dropping 1.5% after reconstituting committees and a "sell" rating from Aletheia Capital.
- Raffles Education fell 4.3% despite agreeing to sell its corporate building for $121.8 million, 78% above book value.
AI generated
SINGAPORE – Singapore shares had a mixed showing on Dec 2. The benchmark index for blue-chip stocks closed higher, but that for the next 50 largest companies was lower.
The Straits Times Index (STI) rose 11.74 points or nearly 0.3 per cent to 4,537.96 points, whereas the iEdge Singapore Next 50 Index fell 7.47 points or more than 0.5 per cent to 1,441.16 points.
There were 288 gainers and 236 decliners across the broader market, with 1.3 billion securities valued at almost $1.3 billion in total transacted.
Agri-business group Wilmar International ended five cents or 1.5 per cent lower at $3.20, making it the worst STI performer.
Wilmar International announced on Dec 1 that it had reconstituted its risk management committee and board sustainability committee to provide more robust and objective oversight of risk-related matters.
Aletheia Capital recently lowered its rating on the STI constituent from “buy” to “sell”, on the belief that its recent legal woes obscure its “earnings recovery narrative” and reduce its balance-sheet flexibility.
Raffles Education dropped 0.5 cent, or 4.3 per cent, to 11.2 cents, a day after the education services provider announced that it had entered into an agreement to sell its corporate building for $121.8 million, 78 per cent more than the property’s book value as at end-June.
The most active counter was Hoe Leong Corp, after the mainboard-listed manufacturer and supplier of undercarriage components for heavy equipment saw about 136.5 million shares transacted. It closed unchanged at 0.1 cent.
Private banking and asset management group LGT noted that increased expectations of a rate cut by the US Federal Reserve next week fuelled the better showing in some Asian indexes.
The FTSE Bursa Malaysia KLCI and Jakarta Composite Index were some of the indexes that rose, by 0.4 per cent and 0.8 per cent, respectively. THE BUSINESS TIMES
