SINGAPORE (THE BUSINESS TIMES) – The local market defied what has been one of the most challenging periods any investor can recall to rack up its best half-year performance since 2017.
The Straits Times Index (STI) ended June 1.33 per cent, or 40.97 points, up at 3,130.46.
That is a total return of 11.8 per cent for the first six months of the year, compared with a 13.8 per cent total return in the first half of 2017.
Singapore Exchange market strategist Geoff Howie noted: “From the opening bell, trading indicated institutional investors had used the last day of the quarter to add to their Singapore exposures.”
Gainers outpaced losers 265 to 223 with 1.89 billion shares worth $1.46 billion changing hands.
Property developer UOL was the top index performer, gaining 2.5 per cent to $7.30.
Banks were also among the top gainers. DBS Group Holdings rose 2.2 per cent to $29.81, UOB added 1.7 per cent to $25.82, while OCBC Bank went up 2.2 per cent to $11.95.
Only three of the 30 STI constituents ended in the red. Keppel DC Reit was the worst performer, shedding 0.8 per cent to $2.49.
Mapletree Industrial Trust fell 0.7 per cent to $2.83 while Jardine Cycle & Carriage was down 0.3 per cent at $21.36.
Genting Singapore was the STI’s most heavily traded by volume, edging up 0.6 per cent to 83.5 cents on trade of 34 million shares.
Outside the STI, Sembcorp Marine was the most active, falling 8.4 per cent to 12 cents with 394 million shares changing hands. The group said on Tuesday that it is partnering SP Group to install an additional 4.0 megawatt-peak of solar energy across its Tuas Boulevard Yard.
Regional markets were a mixed bag. Hong Kong’s Hang Seng ended 0.57 per cent lower, the Kuala Lumpur Composite dipped 1.01 per cent while Japan’s Nikkei 225 ended 0.07 per cent lower. But Seoul’s Kospi and the Jakarta Composite were both up.
