Singapore shares rise amid mixed regional showing; STI up 0.4%
The benchmark index gained 17.63 points, or 0.4 per cent, to close at a new high of 4,207.13.
SINGAPORE – The Straits Times Index (STI) extended its upward trajectory on July 21 amid a mixed performance in regional markets.
The benchmark index gained 17.63 points, or 0.4 per cent, to close at a new high of 4,207.13.
Across the broader market, gainers beat decliners 333 to 224 after 2.06 billion shares worth $1.4 billion changed hands.
Among the blue-chip stocks on the STI, Frasers Logistics and Commercial Trust emerged as the top gainer on July 21. The counter rose 3.5 per cent, or three cents, to close at 88 cents.
The worst performer was Wilmar International, which fell 1 per cent, or three cents, to finish at $3.02.
Thai Beverage was the most actively traded constituent stock. The counter closed flat at 47.5 cents with some 51 million shares traded.
Noting the 'huge rally under way' for Singapore's small- and mid-cap stocks, Phillip Securities head of research Paul Chew believes this could be 'just the first wave of re-rating' for undervalued stocks.
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'The second wave could be news of the MAS $5 billion Equity Market Development Programme being deployed in phases. The actual deployment of the funds will carry the market another leg,' he said.
The market could be further lifted by strong corporate results in the upcoming earnings season, he added.
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