Yangzijiang steams ahead, but STI dips 6.89 points, in line with Asian market slide
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Advancers were outnumbered by decliners, 255 to 311, while securities value traded was a relatively high $1.3 billion.
ST PHOTO: KUA CHEE SIONG
Joan Ng
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SINGAPORE – The Straits Times Index (STI) ended May 29 at 3,323.2 points, down 6.89 points or 0.2 per cent, as most markets across Asia witnessed a decline.
Advancers were outnumbered by decliners 255 to 311, while securities value traded was a relatively high $1.3 billion.
Overnight, United States 10-year Treasury yields had risen as high as 4.556 per cent after improving consumer confidence data suggested that inflation could remain sticky.
Most Asian markets fell in the aftermath.
Hong Kong led the decline, falling 1.8 per cent.
Other markets that fell more than 1 per cent included South Korea (down by 1.7 per cent), Indonesia (dipped 1.6 per cent) and the Philippines (declining by 1.4 per cent).
China, however, bucked the trend.
The Shanghai Stock Exchange Composite Index ended up 1.45 points or 0.05 per cent.
Among the STI constituents, the day’s best performer was Yangzijiang Shipbuilding Holdings.
After hitting a 52-week intraday high of $2.21, the Singapore dollar-denominated counter closed the day up 10.6 per cent at $2.20.
Yangzijiang also has a yuan-denominated counter.
CGS on May 29 raised its target price on the stock to $2.35, from $1.96 previously, on strong order momentum.
The shipbuilder had on May 27 night announced a record order book.
Singapore’s largest telco Singtel saw heavy trading on a Reuters report saying that it is part of a consortium leading the race to buy a minority stake in ST Telemedia Global Data Centres.
The stock closed unchanged for the day, however, at $2.46. THE BUSINESS TIMES
