SINGAPORE – Local shares edged up on Tuesday, even as weak Chinese trade data for July weighed on markets in the region.
The Straits Times Index (STI) rose 0.1 per cent or 3.92 points to finish the trading session at 3,313.79, ahead of the National Day holiday on Wednesday. Across the broader market, decliners outpaced advancers 327 to 265. Turnover came in at 1.2 billion securities worth a collective $952.1 million.
Across the region, the Nikkei 225 and Bursa were each up 0.4 per cent. The Hang Seng Index was down 1.8 per cent, the Kospi shed 0.3 per cent, while the Shenzhen Component Index fell 0.4 per cent.
SPI Asset Management managing partner Stephen Innes said in a note that investor sentiment was dampened by weaker-than-expected Chinese trade data. Imports and exports fell faster since the Covid-19 pandemic, highlighting the ongoing challenges faced by policymakers to “right the ship”.
“Most markets remain relatively stable as investors await more clarity from crucial inflation data and significant earnings reports this week,” he said.
Mr Innes added that investors in the United States are bracing for a re-acceleration of price growth that could pressure the Federal Reserve to raise interest rates again in September, while inflation in China is expected to remain close to contraction.
On the local bourse, Jardine Cycle & Carriage was the top advancer, rising 1.3 per cent or 42 cents to $33.39 on a cum-dividend basis. Venture Corporation, which saw analysts shave target prices after its latest earnings results, was also among the top gainers. The stock added 2.2 per cent or 31 cents to close at $14.20 on a cum-dividend basis.
Nio was the biggest decliner for the day, shedding 4.8 per cent or 73 US cents to US$14.38. Cortina was another notable loser, falling 7.4 per cent or 30 cents to $3.75.
Seatrium was the most heavily traded counter by volume, with 265.6 million shares changing hands. The stock lost 0.7 per cent or 0.1 cent to 13.5 cents.
Other actively traded stocks include Yangzijiang Shipbuilding, Golden Agri-Resources and Thai Beverage. THE BUSINESS TIMES
https://www.straitstimes.com/business/singapore-stocks-rise-even-as-chinese-trade-slump-rattles-markets-sti-up-01 Singapore stocks rise even as Chinese trade slump rattles markets; STI up 0.1%