Aug 02, 2016

    STI up but more losers than gainers

    SINGAPORE stocks rose yesterday amid lowered expectations of United States interest rate hikes, with the Straits Times Index (STI) adding 0.8 per cent or 23.83 points to close at 2,892.52.

    Despite the market benchmark's advance, losers outnumbered gainers 228 to 190, or about six down for every five up.

    A total of 1.2 billion shares worth $1.33 billion changed hands.

    Vallianz Holdings led the actives, with 124.3 million shares traded.

    The stock gained 9.1 per cent, or 0.2 cent, to close at 2.4 cents.

    The oil and gas contractor said the bulk of its order book is from third parties that are unrelated to Swiber Holdings, which had sought to be wound up and liquidated but has now put itself under judicial management.

    Industry peer Ezra Holdings lost 6 per cent, or 0.3 cent, to head out at 4.7 cents on the back of 103.1 million shares traded.

    Among the blue chips, Jardine Cycle & Carriage climbed 6.2 per cent, or $2.42, to close at $41.65.

    Over in Malaysia, shares ended higher with the Kuala Lumpur Composite Index up 11.97 points to close at 1,665.23.

    Hong Kong stocks also rallied yesterday as a soft US growth reading reduced the chances the Federal Reserve will raise interest rates this year.

    However, Shanghai tumbled on data showing that Chinese factory activity had contracted last month.

    The Hang Seng Index added 1.09 per cent but the Shanghai Composite Index fell 0.87 per cent.

    South Korean shares also jumped as foreign investors stretched their buying spree into the 18th day.

    European stocks rose at the open yesterday after gains across much of Asia.

    In initial deals, London's FTSE 100 index put on 0.5 per cent to 6,760.18 points - compared with the close on Friday.

    Frankfurt's DAX 30 gained nearly 0.9 per cent and the Paris CAC 40 added almost 0.7 per cent.