Singapore stocks end higher despite Genting disappointment; STI up 1.2%

SINGAPORE - Stocks in Singapore ended higher on May 13.

The benchmark Straits Times Index (STI) gained 1.2 per cent, or 57.96 points, to finish at 5,003.96.

Wilmar International led the gainers on Singapore’s blue-chip index, rising 3 per cent, or 11 cents, to end at $3.78.

The worst performer among STI constituents was Genting Singapore, falling 10.1 per cent, or seven cents, to close at 62 cents.

The decline came after the Resorts World Sentosa operator posted a 55 per cent drop in first-quarter net profit on lower gaming revenue.

The three local banks ended higher. DBS Bank gained 1.4 per cent, or 80 cents, to close the day at $59.90; OCBC Bank rose 2.5 per cent, or 56 cents, to $22.89; and UOB was up 0.6 per cent, or 24 cents, at $37.35.

Within the iEdge Singapore Next 50 Index, UMS Integration was the top gainer, rising 10.4 per cent, or 27 cents, to finish at $2.87; while Yanlord Land was the top loser, falling 3.7 per cent, or three cents, to end the session at 78 cents.

Across the broader market, gainers edged out losers 369 to 264, after 2.4 billion securities worth $2.7 billion changed hands.

Key regional indexes were mixed.

Hong Kong’s Hang Seng Index gained 0.2 per cent and Japan’s Nikkei 225 index rose 0.8 per cent.

Meanwhile, South Korea’s Kospi was up 2.6 per cent and the FTSE Bursa Malaysia KLCI declined 0.2 per cent.

SPI Asset Management managing partner Stephen Innes said: “Markets are not pricing reconciliation between Washington and Beijing. They are pricing the preservation of stable tension that allows capital flows and supply chains to continue functioning.” THE BUSINESS TIMES