Singapore shares add 0.3% on Tuesday as Asia saw a mixed session

INVESTORS both in Singapore and the region had to contend with US 10-year Treasury yields hitting a more than two-week high as well as a disappointing factory reading from China – resulting in a mixed session in Asia.

That said, Singapore’s Straits Times Index (STI) managed to notch up gains after closing flat on Monday. The benchmark added 9.38 points or 0.3 per cent to finish at 3,155.71 on Tuesday.

Elsewhere in the Asia-Pacific, Australia, China and Malaysia ended lower. Japan and South Korea were higher while Hong Kong closed flat.

In Singapore, trading volume clocked in at 927.37 million securities, 78 per cent of the daily average in the first eight months of 2019. Total turnover came to S$989.7 million, 92 per cent of the January-to-August daily average.

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Across the market, decliners outpaced advancers 210 to 170. The blue-chip index had 14 of the 30 counters in the red.

Yangzijiang Shipbuilding cleared the one Singdollar mark for the first time in over a month, climbing three Singapore cents or 3.1 per cent to end at S$1.01. The shipbuilder maintained its position on the top step of the STI’s most active list with 49.88 million shares changing hands. 

The local banks were all higher, giving the STI a lift. DBS Group Holdings advanced S$0.18 or 0.7 per cent to S$24.95 and  OCBC Bank was three Singapore cents or 0.3 per cent up at S$10.85. United Overseas Bank was the best of the trio, finishing at S$25.77 on a S$0.23 or 0.9 per cent rise. 

Real estate investment trusts (Reits) were mostly lower with the iEdge S-Reit 20 Index falling 0.8 per cent.

Among secondary stocks, Isetan Singapore surged S$0.46 or 9.6 per cent higher to S$5.24 in little more than half a session of trading, following news that YTL Starhill Global Reit (SGReit) has made an offer to acquire the Japanese department store operator’s share of Wisma Atria. Trading was halted on Tuesday afternoon, pending an announcement.

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