Singapore stocks rise amid mixed trading in the region

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SINGAPORE (THE BUSINESS TIMES) – Singapore stocks rose on Tuesday amid mixed trading across the region.

The benchmark Straits Times Index (STI) climbed 0.3 per cent to close at 2,890.70.

Elsewhere in Asia, the Shanghai Composite Index fell 0.2 per cent, while the Kospi in South Korea closed 0.3 per cent lower. In Hong Kong, the Hang Seng Index gained one per cent, and Australia’s ASX 200 rose 0.9 per cent. Markets in Japan were closed for a holiday.

Overnight on Wall Street, major indices largely retreated, with tech stocks taking the biggest hit amid concerns that borrowing rates will creep higher. The S&P 500 slipped 0.8 per cent, while the tech-rich Nasdaq Composite fell 2.5 per cent on Monday.

Stephen Innes, chief global markets strategist at Axi, said in a note: “Investors are quickly rediscovering that not all stocks are created equal in a Covid recovery, as expensive tech names (are sold) to provide funds for less-expensive travel-related markers, along with energy and other inflation beneficiaries.”

On the local bourse, Singapore Airlines surged 5.9 per cent to close at S$4.65, its highest since March 2020. The flag carrier’s shares were the most actively traded by value, with over 32 million shares worth S$146 million changing hands.

Fellow aviation-related counter SATS was also among the top three gainers on the index, rising 4.9 per cent to close at S$4.31.

Thomson Medical Group was the most active counter, with over 246 million shares worth around S$27.3 million changing hands. It gained 0.9 per cent to close at 11.1 cents.

At the bottom of the performance table for the STI on Tuesday was Wilmar International, which fell 2.2 per cent to S$5.39.

Overall trading volume in the Singapore market stood at 2.95 billion shares worth S$1.55 billion on Tuesday, with gainers outnumbering decliners 236 to 225.

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