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Singapore stocks edge up, bucking mild downward trend in Asia

Singapore stocks edge up, bucking mild downward trend in Asia

The Straits Times Index (STI) ended on May 28 at 3,330.09, up 11.64 points, or 0.4 per cent, narrowly bucking a mild downward trend in Asian stocks.

Across the broader market, advancers beat decliners slightly, at 276 to 272.

In Japan, the Nikkei 225 ended down 0.1 per cent. Hong Kong’s Hang Seng Index and South Korea’s Kospi Index were roughly flat, while the Shanghai Composite Index fell 0.5 per cent.

Within South-east Asia, Indonesia’s Jakarta Stock Exchange Composite Index and Vietnam’s Ho Chi Minh Stock Index both ended the day in positive territory with a 1.1 per cent gain.

The FTSE Bursa Malaysia KLCI, however, fell 0.2 per cent. The Philippines’ PSEi dropped 1.1 per cent, while Thailand’s SET Index slipped 0.3 per cent.

“Broader risk sentiments were offered few cues to start the week, with Wall Street offline for the Memorial Day holiday,” said IG market analyst Yeap Jun Rong.

In Singapore, some trading activity was generated by news from Yangzijiang Shipbuilding. The shipbuilder on the night of May 27 released a business update for the first quarter showing a record order book of US$16.1 billion (S$21.7 billion).

Its year-to-date order wins stand at US$3.3 billion, or 74 per cent of its 2024 target of US$4.5 billion. The counter rose 3.1 per cent for the day, ending at $1.99.

Also in the top-volume list was construction company Ley Choon Group Holdings, which announced on the night of May 27 an 18.1 per cent increase in profit for its FY2024 ended March 31.

Ley Choon was among the 10 most heavily traded Singapore Exchange-listed stocks.

It closed at $0.058, down 3.3 per cent.

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