Singapore shares gain as investors take stock of earnings reports; STI increases 0.5%
SINGAPORE – A range of robust corporate reports prompted investors to send local shares higher on May 15 despite red ink across much of the region.
The optimistic mood drove the Straits Times Index up 0.5 per cent or 20.89 points to 3,891.94 but losers outpaced gainers 283 to 238 on trade of 1.4 billion securities worth $1.5 billion.
It was different elsewhere. Hong Kong's Hang Seng declined 0.8 per cent, the Kospi in South Korea fell 0.7 per cent, Japan's Nikkei 225 lost 1 per cent and Malaysian shares retreated 0.7 per cent.
Australian stocks bucked the trend, rising 0.2 per cent, their seventh consecutive day of gains.
Wall Street was mixed overnight: The S&P 500 rose 0.1 per cent; the Nasdaq added 0.7 per cent; while the Dow Industrials lost 0.2 per cent.
The S&P 500 has turned positive for the year for the first time since February, having rallied 18 per cent from its low point in April when investors panicked over tariffs.
The STI's largest gainer was ST Engineering, up 1.9 per cent to $7.33, as the shares continue to recoup losses from a low on May 13.
Genting Singapore was the biggest loser, down 2.7 per cent to 71.5 cents. This comes after the firm announced that chief executive Tan Hee Teck will retire on May 31. He will also step down as chair and CEO of Resorts World Sentosa.
The group reported that net profit after taxation tumbled 41 per cent to $145 million in the first quarter ended Mar 31
Outside the STI, private cord-blood bank Cordlife Group jumped 54.8 per cent to 24 cents after Thai-listed Medeze Group launched a partial offer for a 10 per cent stake at a price of 25 cents a share.
The three local banks all gained ground. DBS climbed 1.9 per cent to $45.10, OCBC increased 0.4 per cent to $16.24 and UOB rose 0.6 per cent to $35.49. THE BUSINESS TIMES
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