[SINGAPORE] The Straits Times Index (STI) set a record on Friday (Mar 28) as it crossed the 4,000-mark for the first time in early trade.
The index traded as much as 4005.18 points shortly after the market opened, data from the Singapore Exchange (SGX) showed. This comes after it hit a previous record on Mar 27, where it reached as high as 3,991.
ShareInvestor data indicated that it reached 4,005.18 at 9.02 am, with 24.9 million shares traded.
The STI fell to 3,981.75 as at 9.51 am, as 238.6 million shares worth S$281.7 million changed hands.
It previously hit a record on Feb 10, 2025, trading as high as 3,912.38 just after the opening bell, as Singapore banks clocked new levels.
The Republic’s lenders, which form more than 50 per cent of the index, were trading mixed as at 10.07 am.
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DBS was up 0.1 per cent or S$0.06 at S$46.64 and OCBC rose 01 per cent or S$0.02 to S$17.40. UOB declined 0.2 per cent or S$0.09 to S$38.17.
Investment management firm Yangzijiang Financial was trading heavily on Friday.
At 10.16 am, it was the most traded counter on the exchange by volume, was up 1.3 per cent or S$0.01 at S$0.795, with 28.7 million shares changing hands.
In a LinkedIn post on Thursday, SGX market strategist Geoff Howie noted that ST Engineering and Sembcorp Industries have been leading STI’s charge for Q1 FY2025.
At 10.30 am, ST Engineering was trading 0.7 per cent or S$0.05 higher at S$6.78, while Sembcorp was flat at S$6.37.
He highlighted that both companies have had their 12-month consensus estimate target price revised upwards for the first quarter of FY2025.
ST Engineering’s consensus was upgraded from S$5.02 to S$6.85 and Sembcorp’s was raised from S$6.82 to S$7.32, he said.
He noted that Singapore’s industrials sector booked the most net institutional inflow in March and bucked broader net outflows.
“This has seen ST Engineering’s average daily turnover (ADT) more than double in Q1 FY2025 from 2024 levels to S$42 million,” he added.
Another 30 industrial stocks had their ADT more than double in Q1 FY2025, amid developments across China, the US, and Asean which have “put industrial value chains clearly in the frame” and affected sectors related to engineering, construction, manufacturing and transportation.
He said: “Industrials are benefiting from China’s efforts to strengthen regional supply chains with services-led growth.
“Simultaneously, coordinated structural policies from the US Treasury, Commerce Department and USTR (United States Trade Representative) are focused on reindustrialising the US. Additionally, Asean policymakers continue to bolster economic integration and movement of capital goods within.”
This is developing news, please check back for more.
