[SINGAPORE] The Straits Times Index (STI) closed flat on Tuesday (Jul 22), as regional indices showed mixed performances.
The STI closed up 0.03 per cent or 1.13 points to 4,208.26.
Across the broader market, advancers outnumbered decliners 329 to 229 after 1.4 billion shares worth S$1.3 billion changed hands.
The trio of local banks closed lower on Tuesday, with DBS down 0.02 per cent or S$0.01 to S$47.25. UOB was down 0.3 per cent or S$0.10 to S$37; and OCBC closed down 0.5 per cent or S$0.08 to S$17.19.
Jardine Matheson was the top gainer on the STI, closing up 2.5 per cent or US$1.35 to US$55.26.
The biggest loser was Wilmar International, which closed down 0.7 per cent or S$0.02 to S$3.
Across the region, major indices were mixed, with the Kospi down 1.3 per cent and the Nikkei 225 down 0.1 per cent. Hong Kong’s Hang Seng Index closed up 0.5 per cent and the KLCI down 0.3 per cent.
The approach to earnings season by companies has been cautious, with many downshifting their guidance in the first quarter, citing tariff risk and macro uncertainty, said Stephen Innes, managing partner, SPI Asset Management. This has created some room for positive surprises, as some of the second quarter’s strength has been in front-loaded demand, promising stronger revenue and profits.
Now, more companies are raising their forward estimates, from 57 per cent of companies in April to 75 per cent, said Innes. “We’re seeing broader participation, with cyclicals, industrials and select consumer names also contributing.”
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