Wilmar International’s shares still under pressure, hits a 52-week low at market’s close; OKP and Keong Hong both at 52-week highs
[SINGAPORE] Singapore shares started the week closing slightly lower, bucking the trend elsewhere in the Asia-Pacific, which rode on a record-breaking session on Wall Street last Friday.
The Straits Times Index (STI) was 0.1 per cent or 1.91 points down at 3,964.29 points on Monday (Jun 30), despite the blue-chip gauge opening higher as it failed to maintain the momentum in a choppy session.
Nonetheless, gainers beat decliners slightly 255 to 245 across the broader market, amid a transaction volume of about 2.5 billion, totalling approximately S$1.4 billion in value.
Wilmar International shares continued to be under pressure after the agribusiness disclosed a fortnight ago that it handed over 11.8 trillion rupiah (S$928 million) to the Indonesian authorities over corruption charges despite it having been cleared by the district court.
The STI constituent stock was at a 52-week-low at S$2.87, 1.4 per cent or S$0.04 lower, at Monday’s market close.
In contrast, OKP and fellow construction player Keong Hong reached their 52-week-highs at S$0.855 and S$0.122, respectively. Neither made any market moving announcements, however. OKP shares were up 1.2 per cent or S$0.01; Keong Hong’s rose 2.5 per cent or S$0.003. Construction counters have been enjoying bullish market sentiment, driven by the announcements of high-value orders bagged by some of them.
Meanwhile, the S&P 500 and Nasdaq finished at all-time peaks on Friday, amid optimism that governments will be able to negotiate for a better trade deal with the United States and avoid the punishing tariffs imposed by US President Donald Trump’s administration in April.
The Wall Street rally fuelled most markets in Asia to finish higher; Japan’s Nikkei 225 closed at a more than 11-month high, at 40,487.39 points.
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