Across the broader market, gainers beat decliners 333 to 224 after 2.1 billion shares worth S$1.4 billion change hands
[SINGAPORE] The Straits Times Index (STI) extended its upward trajectory on Monday (Jul 21) amid a mixed performance in regional markets.
The benchmark index gained 17.63 points or 0.4 per cent to close at a new high of 4,207.13, after the Monetary Authority of Singapore (MAS) said it has appointed three asset managers to kick off a S$5 billion investment fund initiative announced earlier this year.
Across the broader market, gainers beat decliners 333 to 224 after 2.1 billion shares worth S$1.4 billion changed hands.
Frasers Logistics and Commercial Trust emerged as the STI’s top gainer on Monday. The counter rose 3.5 per cent or S$0.03 to close at S$0.88.
The worst performer was Wilmar International, which fell 1 per cent or S$0.03 to finish at S$3.02.
Thai Beverage was the most actively traded constituent stock, closing flat at S$0.475 with 51 million shares traded.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Noting the “huge rally underway” for the Republic’s small- and mid-cap stocks, Phillip Securities head of research Paul Chew believes this could be “just the first wave of re-rating” for undervalued stocks.
“Frankenstein is awake,” he said. “The second wave could be news of the MAS S$5 billion Equity Market Development Programme being deployed in phases. The actual deployment of the funds will carry the market another leg.”
The market could be further lifted by strong corporate results in the upcoming earnings season, he added.
Regional indices ended the day mixed. The FTSE Bursa Malaysia KLCI dipped 0.1 per cent, and Australia’s ASX 200 fell 1 per cent. Hong Kong’s Hang Seng Index and South Korea’s Kospi, meanwhile, were each up 0.7 per cent.
Copyright SPH Media. All rights reserved.
