SINGAPORE equities kicked off the first trading day of September in the black, even as regional exchanges turned in a mixed performance.
The benchmark Straits Times Index (STI) rose 0.6 per cent or 20.15 points to 3,463.08 on Monday (Sep 2).
Across the broader market, gainers outnumbered losers 291 to 258, as 1.1 billion shares worth S$928.2 million were traded over the day.
The biggest gainer on the STI was offshore and marine company Seatrium, which gained 4.7 per cent or S$0.07 to close at S$1.55. It was also the most actively traded counter by volume, with 52 million shares worth S$79.3 million traded.
The three local banks also gained. DBS rose 1.2 per cent or S$0.44 to S$36.80. OCBC inched up 0.8 per cent or S$0.11 to S$14.66. UOB closed 0.6 per cent or S$0.19 higher at S$31.58.
Food and beverage company Thai Beverage recorded the biggest drop on the index, sliding 1.9 per cent or S$0.01 to close at S$0.52.
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The region’s markets ended mixed on Monday.
Australia’s ASX 200 rose 0.2 per cent, while Japan’s Nikkei inched up by 0.1 per cent. South Korea’s Kospi rose 0.3 per cent.
On the other hand, Hong Kong’s Hang Seng Index slid 1.7 per cent, as did the Shanghai Composite Index, which dipped 1.1 per cent.
The dips in these two indexes came as China reported, over the weekend, a drop in its Purchasing Managers’ Index (PMI) data for the month of August. The country’s manufacturing PMI hit a six-month low of 49.1, missing forecasters’ estimates.
Stephen Innes, the managing partner of SPI Asset Management, described China’s economy as “sputtering”, with its factory activity lagging and deflationary pressures increasing.
China’s ongoing economic struggles, coupled with the looming uncertainty surrounding the US economy, means that there is a high risk for an unexpected twist in market sentiment, despite the buoyant mood driving global markets currently, warned Innes.
