Local shares begin the week slightly higher as traders focus on earnings season
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The benchmark Straits Times Index ended Monday with a gain of 0.2 per cent, or 5.8 points, at 3,254.43.
PHOTO: ST FILE
Uma Devi
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SINGAPORE – Singapore stocks began the week in the black, as investors kept a close watch on listed companies’ financial results announcements locally and in the United States.
The benchmark Straits Times Index ended Monday with a gain of 5.8 points, or 0.2 per cent, at 3,254.43. Across the broader market, decliners outpaced advancers 190 to 174, after 1.1 billion securities worth a collective $834.4 million changed hands.
In the region, other stock market indexes mostly ended the day slightly lower. The ASX 200 fell 0.1 per cent, while the Bursa and Kospi each lost 0.4 per cent.
SPI Asset Management managing partner Stephen Innes said the strong rally and overweight positioning heading into this season of earnings in the US market argue for a “muted rally”.
“However, there is a widespread narrative that an earnings recession is under way or imminent – and if that starts to show up in the data, it could be a show-stopper.”
On the local bourse, DBS was the top advancer by value. The counter rose 1.5 per cent, or 48 cents, to $32.47. Another in the banking trio, OCBC Bank, was also among the top gainers. Its shares added 0.7 per cent, or eight cents, to $12.45. UOB, however, was among the biggest losers for the day, falling 0.4 per cent, or 12 cents, to $27.71.
Jardine Cycle & Carriage was the top decliner, falling 1.1 per cent, or 39 cents, to $34.20. Venture Corp was another notable decliner, falling 0.9 per cent, or 14 cents, to $15.04.
Seatrium was the most actively traded counter by volume, with about 439.9 million shares traded. It lost 2.8 per cent, or 0.4 cent, to close at 14.1 cents.
Other heavily traded counters included Thai Beverage, Genting Singapore and Marco Polo Marine. THE BUSINESS TIMES
