Singapore shares add to gains on Tuesday; STI ticks up 0.1%

SINGAPORE shares rose on Tuesday (Aug 27), as investors took stock of geopolitical movements.

The Singapore Exchange’s benchmark Straits Times Index (STI) rose 0.1 per cent or 2.44 points to 3,398.47.

On the local bourse, advancers outnumbered decliners 264 to 249.

More than one billion shares worth S$1 billion changed hands throughout the day.

In the region, key indices were mixed. Hong Kong’s Hang Seng Index rose 0.4 per cent while South Korea’s Kospi Composite fell 0.3 per cent.

Meanwhile, Japan’s Nikkei 225 gained 0.5 per cent and the Bursa Malaysia Kuala Lumpur Composite Index added 0.8 per cent.

IG market strategist Yeap Jun Rong noted that markets have to digest trade relations between China and the West, after Canada joined its counterparts to impose tariffs on Chinese electric cars and imports of steel and aluminium products.

“For now, China’s previous response to (the) European Union’s tariffs seems limited and leans towards a ‘less painful’ option, which may suggest some reservations in over-escalating trade tensions,” said Yeap.

Back home, the STI was led by Chang beer maker Thai Beverage, which rose 3 per cent or S$0.015 to S$0.52.

The index was dragged down by conglomerate Jardine Matheson, which fell 1.8 per cent or US$0.68 to US$36.55.

The trio of local banks were in the black.

DBS rose 0.3 per cent or S$0.09 to S$35.90, OCBC climbed 0.3 per cent or S$0.04 to S$14.47, and UOB ended up 0.2 per cent or S$0.07 at S$31.03.