THE Straits Times Index (STI) hit a 52-week high for the second day running, ending Wednesday (Sep 11) at 3,531.17, up 18.5 points or 0.5 per cent.
Across the broader market, advancers beat decliners 287 to 235, with 875.3 million securities worth S$1.47 billion changing hands.
The Singapore market bucked a regional trend of downward movements. Japan fell 1.5 per cent, Hong Kong was down 0.7 per cent, while Shanghai declined 0.8 per cent. In South-east Asia, decliners were led by Malaysia (down 1.2 per cent) and Thailand (down 1 per cent).
Singapore Exchange (SGX) market strategist Geoff Howie said the Singapore market is drawing institutional investors. Over the eight trading sessions to Sep 10, Singapore booked a net S$619.2 million in net institutional inflow – reversing nearly 50 per cent of the net outflow for the year up to Aug 29.
“Financial services have led the recent surge in net institutional inflow, followed by telecommunications, Singapore real estate investment trusts, industrials and utilities,” he said.
Actively traded stocks that booked the highest net institutional inflow proportionate to market cap over the eight sessions included offshore services provider Seatrium, transport operator ComfortDelGro Corp, conglomerate Sembcorp Industries, Suntec Reit and offshore support vessels operator Nam Cheong.
Among the constituents, the biggest gainer on Wednesday was bourse operator SGX. It climbed 4.5 per cent or S$0.51 to S$11.76, its highest in two years. The stock is expected to benefit from market volatility related to the US elections.
