Singapore Market rebounds on bargain buying

22 Nov 2022 , 04:40 PM

The Singapore stock market finished session higher on Tuesday, 22 November 2022, bucking regional trend, as investors chased for bottom fishing following recent slump. However, market upside move capped amid concerns about the outlook for the world second largest economy as imposition of stringent restrictions and lockdowns in several cities in China, including Shanghai and Beijing. Also, limiting upside was caution ahead of the US market Thanksgiving holiday on Thursday and the Federal Reserves minutes of policy meeting due in this holiday-shortened week. At closing bell, the Straits Times Index (STI) index was up 8.94 points or 0.28% to 3,259.56 after trading between 3,259.56 and 3,277.35. Volume was 1.65 billion shares worth S$871.83 million changed hands. There were 297 gainers and 274decliners. Back to home, Sembcorp Industries, was the top performer among Singapores blue-chip stocks, gaining 4.9% to S$3.20, as the company announced on Nov 17 that it was buying a stake in Wuling Power, a renewable energy company in China. At the bottom of the table was Mapletree Pan Asia Commercial Trust, which fell 1.2% to S$1.69. The trio of local banks ended mixed. DBS added 0.9% to S$35.5 and UOB added 0.27% to S$30.11, while OCBC Bank fell 0.16% to S$12.43. Asia-Pacific stock markets traded in mixed fashion on Tuesday, on worries about the impact of surging COVID-19 cases in China, and on caution ahead of the US market Thanksgiving holiday on Thursday and the Federal Reserves minutes of policy meeting due in this holiday-shortened week. Japans Nikkei225 index advanced 170.95 points, or 0.61%, to 28,115.74. Australias S&P/ASX200 index was up 42.04 points, or 0.59%, to 7,181.30. Chinas Shanghai Composite Index edged up 0.13%, or 3.90 points, to 3,088.94. Hong Kongs Hang Seng Index stumbled 231.50 points, or 1.31%, to 17,424.41. Powered by Capital Market – Live News