SINGAPORE - Local stocks began the week on a slightly more upbeat note, as investors hunted for opportunities in the market despite the usual threats of inflation, interest rates and a looming recession.
The Straits Times Index (STI) advanced 0.49 per cent, or 15.8 points, to finish Monday at 3,256.61. Daily turnover came in at some 860.1 million securities worth a collective $786.4 million, with decliners narrowly beating out advancers 271 to 258.
Across the region, indices ended the trading day in the red, as investors took a cautious approach. The Nikkei 225 fell 1.1 per cent; the Hang Seng shed 0.5 per cent and the Kospi lost 0.3 per cent. Bursa was down by a marginal 0.1 per cent, while the ASX 200 closed 0.2 per cent lower.
Markets watchers reckon that investors may have to adopt a different strategy in the weeks to come.
Saxo’s strategy team said in a note that 2022 has been a year in which there was “nowhere for the passive investor to run and hide”.
“As we wind down 2022, note that new themes can quickly develop in 2023 as many have closed their books on taking risk, as liquidity thins out for the holiday timeframe and may be set to put on significant risk on the rollover into the new year,” added the team.
Jardine Cycle & Carriage was the top gainer for the day by value, rising 1.5 per cent, 41 cents, to $28.48.
Two members of the banking trio were also among the top gainers – DBS Group Holdings rose 0.8 per cent, or 27 cents, to $34.11, and UOB added 0.8 per cent, or 24 cents, to $30.96. OCBC Bank was up by a more muted 0.2 per cent, or two cents, to $12.21.
One notable decliner was Memiontec Holdings, which collapsed 17.5 per cent, or five cents, to $0.235. The company’s chief executive had said in November that the group was eyeing a market capitalisation of $500 million by 2026, and that it was also exploring various fund-raising opportunities using bonds, convertibles or share placements.
The Place Holdings was the most actively traded stock for the day, with about 48.6 million shares changing hands. The penny stock lost 8 per cent, or 0.2 cent, to finish at 2.3 cents. THE BUSINESS TIMES
