Across the broader market, losers beat gainers 354 to 229 with 1.9 billion securities worth S$1.5 billion changing hands
SINGAPORE stocks were in the black on Monday (Nov 11) as investor sentiment in the region weakened.
The benchmark Straits Times Index (STI) rose 0.4 per cent or 15.1 points to 3,739.47. Across the broader market, losers beat gainers 354 to 229 after 1.9 billion securities worth S$1.5 billion changed hands.
Regional markets were mostly in the red on Monday. Hong Kong’s Hang Seng Index fell 1.5 per cent, while South Korea’s Kospi shed 1.2 per cent and Japan’s Nikkei 225 index edged up 0.1 per cent.
The tepid market sentiment may have stemmed from weaker-than-expected economic support from the Chinese government.
In a report released on Monday, UOB economist Ho Woei Chen noted that China’s National People’s Congress Standing Committee last Friday approved a 10 trillion yuan (S$1.9 trillion) package to refinance local governments’ off-balance sheet debt from 2024 to 2028.
“However, there was no new direct stimulus spending to raise consumption demand; and the long period of debt resolution suggests that the fiscal boost will be very limited in the near term,” he said.
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On the STI, UOB was at the top of the table. It gained 2.7 per cent or S$0.96 to S$36.65.
Yangzijiang Shipbuilding was at the bottom of the table. It fell 5.6 per cent or S$0.15 to S$2.53.
The company announced last Thursday that it has secured US$11.6 billion of order wins in the year to date.
Weak earnings appeared to have hurt Venture Corp’s share price as well. The company shed 5.5 per cent or S$0.75 to S$12.90.
Venture posted a 4.7 per cent decline in Q3 net profit last Friday after markets closed. The company attributed a fall in revenue to softer demand in the life sciences, lifestyle consumer, and test and measurement instrumentation technology domains.
