ST Engineering drives gains for Singapore shares

Singapore Stocks End Higher, Tracking Gains on Wall Street

Market Recap

Singapore stocks ended higher on Monday, tracking gains on Wall Street. The benchmark Straits Times Index (STI) rose 0.3 per cent or 13.22 points to 3,908.92. Across the broader market, gainers outnumbered losers 308 to 257, after two billion securities worth S$1.8 billion changed hands.

Top Gainers and Losers

ST Engineering led gains on the STI, with the counter up 8.5 per cent or S$0.46 at S$5.87. The company’s shares are up 26 per cent year to date. Several analysts have raised their target price on ST Engineering, citing its strong growth prospects.

Genting Singapore was the top decliner, falling 2.7 per cent or S$0.02 to S$0.71. Shares of the integrated resorts operator have fallen since Friday, following news that the current patriarch of the family-run business, Lim Kok Thay, will step down as chief executive of Malaysia’s Genting after nearly two decades at the helm.

Other Notable Stocks

City Developments Ltd (CDL) also ended in the red, losing 2.3 per cent or S$0.12 to S$5. The company’s counter fell as much as 7 per cent to its lowest since 2009 earlier on Monday, amid news of a father-son tussle for board control at the group majority owned by the Kwek family.

Banking Sector

The three local banks ended mixed on Monday. UOB gained 0.4 per cent to S$38.35, OCBC was flat at S$17.21, while DBS fell 0.3 per cent to S$45.77.

Regional Markets

Elsewhere in the region, the Hang Seng Index rose 0.3 per cent, Nikkei 225 was up 1.7 per cent, FTSE Bursa Malaysia KLCI lost 0.2 per cent, and Kospi Composite Index tumbled 3.4 per cent.

Conclusion

Singapore stocks ended higher on Monday, tracking gains on Wall Street. The market saw a mixed performance, with gainers outnumbering losers 308 to 257. ST Engineering led the gains, while Genting Singapore and City Developments Ltd fell. The banking sector ended mixed, with UOB and OCBC performing well, while DBS fell.

FAQs

Q: What was the performance of the Straits Times Index (STI) on Monday?
A: The STI rose 0.3 per cent or 13.22 points to 3,908.92.

Q: Which stock led the gains on the STI?
A: ST Engineering led the gains, with the counter up 8.5 per cent or S$0.46 at S$5.87.

Q: Which stock was the top decliner on the STI?
A: Genting Singapore was the top decliner, falling 2.7 per cent or S$0.02 to S$0.71.

Q: What was the reason for the fall in Genting Singapore’s stock price?
A: The company’s shares have fallen since Friday, following news that the current patriarch of the family-run business, Lim Kok Thay, will step down as chief executive of Malaysia’s Genting after nearly two decades at the helm.