Singapore stocks end Tuesday higher as traders go bargain hunting

SINGAPORE - Local shares capped the trading day on a more upbeat note on Tuesday as traders shrugged off worries over global macroeconomic issues and took to bargain hunting in the market.

The benchmark Straits Times Index rose 0.5 per cent or 15.67 points to close at 3,205.35.

Across the broader market, advancers outpaced decliners 320 to 238, after 1.4 billion securities worth some $973.1 million changed hands.

SPI Asset Management’s managing partner Stephen Innes said: “The absolute upside for equity markets is currently constrained by high valuations and the prospects for interest rates to remain higher for longer than the market has been pricing.”

He added that ongoing troubles in Russia still seem “less alarming” for Wall Street than rising interest rates.

Jardine Matheson Holdings was a top gainer, adding 2.5 per cent or US$1.26 to close at US$52.35.

Sembcorp Industries was another top advancer, rising 3.5 per cent or $0.19 to $5.59.

The company had on Monday said that its India unit, Green Infra Wind Energy, was in arbitration with a vendor.

Yangzijiang Shipbuilding was also on a tear on Tuesday, on the back of heavy trading, after the company announced the day before that it was set to build six container ships for Maersk. The counter rose 7.4 per cent or $0.10 to $1.45, bringing its gains so far this week to 13.3 per cent.

Two of the three lenders were among the biggest decliners for the day. DBS lost 0.9 per cent or $0.28 to $31.29, and UOB fell 0.5 per cent or $0.14 to $27.72. OCBC fell just 0.1 per cent or $0.01 to $12.28.

Seatrium was the most heavily traded counter on Tuesday, with about 291.1 million shares changing hands. The stock gained 0.8 per cent or $0.001 to $0.126.

Other heavily traded counters included Thomson Medical, Singtel and Thai Beverage.

THE BUSINESS TIMES