Singapore stocks end week in the black, STI up 0.7%

LOCAL shares finished the week on a more upbeat note, as investors sought some comfort in Singapore's weekly infection growth for the coronavirus staying below 1 for the second day in a row on Thursday (Nov 4). The Republic also reported a 6.6 per cent year-on-year rise in retail sales for September, reversing the fall booked in August.

The benchmark Straits Times Index rose 0.7 per cent or 22.65 points to finish on Friday (Nov 5) at 3,242.34. Across the broader market, decliners inched past advancers 238 to 236, after 1.4 billion securities worth some S$1.3 billion changed hands.

Despite the current optimism that appears to be sweeping over the Singapore market, some analysts stressed that the focus will remain on the US Federal Reserve and the looming decision to begin tapering its asset purchases.

IG market strategist Yeap Jun Rong said: "No specific timeline has been laid out yet, and some divergence was still seen in Fed members' views but the current consensus for tapering to start this year has been reinforced with the (Fed) minutes."

On the local bourse, Jardine Matheson Holdings J36 : J36 0% was the top gainer, rising 3.4 per cent or US$1.96 to US$59.60.

The trio of local lenders were among the biggest gainers for the day, as investors took to the counters after the 3 banks posted better-than-expected results for the third quarter of 2021.

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Of the three, UOB U11 came out tops, adding 1.4 per cent or S$0.39 to S$27.59. OCBC O39 gained 0.8 per cent or S$0.10 to S$11.97, while DBS D05 : D05 0% closed at S$32.29, up 0.3 per cent or S$0.08.

On the other end of the spectrum, tech play Venture Corporation V03 : V03 0% was the biggest loser for the day. The stock shed 2 per cent or S$0.37 to close at S$18.58.

A number of property players were also among the biggest decliners. Haw Par Corporation H02 fell 0.9 per cent or S$0.12 to S$12.63, while Bukit Sembawang B61 : B61 0% shed 2.1 per cent or S$0.11 to S$5.24.

Meanwhile, PropNex OYY slipped 4.6 per cent or S$0.09 to S$1.89 and Ho Bee Land H13 : H13 0% shed 2.1 per cent or S$0.06 to S$2.84.

Sembcorp Marine S51 : S51 0% was the most heavily traded counter on Friday, with some 67.5 million shares changing hands. The stock closed at 8.2 Singapore cents, up 3.8 per cent or 0.3 cent.

Other actively traded stocks included Yangzijiang Shipbuilding BS6 , Jiutian Chemical C8R and Genting Singapore G13 : G13 0% .

Elsewhere in Asia, markets ended the week on mixed ground. The Nikkei 225 was down 0.6 per cent; the Hang Seng Index lost 1.4 per cent, while the Kospi fell 0.5 per cent. On the other hand, the S&P/ASX 200 was up 0.4 per cent, and the KLCI inched up 0.03 per cent.