Bulls And Bears

Triple booster powers STI to 10-year high

The benchmark Straits Times Index (STI) went up 13.8 points, or 0.39 per cent, to 3,550.21 - the highest it has been since reaching 3,570.5 on Dec 11, 2007.
The benchmark Straits Times Index (STI) went up 13.8 points, or 0.39 per cent, to 3,550.21 - the highest it has been since reaching 3,570.5 on Dec 11, 2007.PHOTO: ST FILE

Strong showing by property, bank and energy stocks lifts index by 0.39%

A triple play from property, banks and energy firms gave local shares a modest lift yesterday, but it left the market at levels not seen in more than 10 years.

The bullish sentiment pushed the benchmark Straits Times Index (STI) up 13.8 points, or 0.39 per cent, to 3,550.21 - the highest it has been since reaching 3,570.5 on Dec 11, 2007.

About 2.12 billion shares worth $1.12 billion were traded, with gainers beating losers 272 to 182.

Manufacturer JEP Holdings topped the actives list again as 375.2 million shares changed hands. The counter dipped by 0.1 cent, or 1.64 per cent, to six cents.

The bourse operator queried the firm on Monday about the surge in trading activity.

JEP said an unrelated third party is in exploratory talks to buy shares from the company's executive directors that would give it an interest of at least 15 per cent in JEP.

Sats, the airport ground-handling service provider, dipped one cent to $5.77 on a volume of 2.9 million shares. OCBC Investment Research downgraded its rating on the stock to a "hold" in a report yesterday after having bumped Sats up to "buy" in October.

The banks were strong drivers on the index, with OCBC Bank putting on 13 cents, or 0.99 per cent, to $13.21, while United Overseas Bank closed up 20 cents, or 0.71 per cent, to $28.30. DBS Group Holdings was the odd one out, dipping three cents, or 0.11 per cent, to $26.51.

City Developments rose again, adding 12 cents to $13.48.

Keppel Corporation, which has seen market watchers praising its property segment lately, reaped gains from high oil prices. It added 14 cents, or 1.72 per cent, to $8.26, with 7.03 million shares moving.

Offshore and marine rival Sembcorp Marine rose 18 cents, or 9.42 per cent, to $2.09, with 24.3 million shares moving.

KrisEnergy was another energy stock enjoying a boost yesterday, rising 0.8 cent, or 7.62 per cent, to 11.3 cents on trade of 49.1 million shares.

 

Frasers Centrepoint - which has scored Microsoft Singapore and French integrated oil and gas company Total Oil as anchor tenants at its downtown Frasers Tower - was up one cent to $2.20.

The real estate company is also set to open its revamped Northpoint City mall, which features a residential development, in a soft launch on Friday.

The rest of Asia was full of good cheer too, with the Hang Seng up 1.81 per cent to a record high. The Nikkei added 1 per cent, and the Kospi gained 0.72 per cent.

Correction note: This story has been edited for clarity. 

A version of this article appeared in the print edition of The Straits Times on January 17, 2018, with the headline 'Triple booster powers STI to 10-year high'. Print Edition | Subscribe