rising regional markets help lift singapore stocks nearly 0 5 per cent 741912015

Singapore stocks ended nearly 0.5 per cent higher pn Monday, led by bullish regional undercurrents on hopes that the new Greek reform proposals would break the ice on the country’s bailout negotiations. Though Shanghai was closed for a holiday, the Hong Kong share market traded bullishly and its Hang Seng index closed 1.2 per cent higher.

In Singapore, though gainers outnumbered losers, the broad market was under pressure given that both the FTSE mid cap and small cap indices ended in the red.

The basic materials and telecom sectors were the top gainers, the latter owed much of its gains to Singapore Telecommunications Limited (SGX:Z74) which gained 1.65 per cent to SG$4.30.

Indices and sectors

The Straits Times Index (STI) ended 14.17 points or 0.43 per cent higher to 3,315.13, taking the year-to-date performance to -1.49 per cent.

The FTSE ST Mid Cap Index declined 0.22 per cent, while the FTSE ST Small Cap Index declined 0.03 per cent.

The Singapore Exchange traded a volume of 1,266.1 million shares valued at SG$1,005.7 million. Gainers outnumbered losers by 226/198.

Amongst the FTSE ST sectors, the gainers included basic materials (+2.92 per cent), telecommunications (+1.48 per cent), and financials (+0.49 per cent). The top losing sectors were technology (-2.13 per cent), healthcare (-1.01 per cent), maritime (-0.90 per cent) and utilities (-0.57 per cent).

Stocks

Shares in Amtek Engineering Ltd (SGX:M1P) shot up 6.72 per cent to SG$0.715 on a media report that CVC Capital Partners and Standard Chartered Private Equity are mulling over the sale of their majority 58 per cent holding in the company.

According to the Straits Times, Q & M Dental Group (Singapore) Limited (SGX:QC7) has agreed to acquire 60 per cent percent of the capital of Smilebay Dental Clinics, a chain of six dental clinics in Penang, Malaysia, for RM12.29 million (SG$4.41 million) in cash and shares.

Shares in Foreland Fabrictech Holdings Ltd. (SGX:B0I) jumped a solid 33.3 per cent to SG$0.012 on reports that its executive chairman had sold a 29.5 per cent stake in the company for SG$1 million, bringing down his holding to just 11.03 per cent. According to a Singapore Exchange filing, a 29.5 per cent stake in the same company was acquired by one Huang Wen.

Economic news

According to French bank BNP Paribas, private property prices in Singapore are at risk of falling another 10 per cent from current levels given that the Singapore government is unlikely to relax its property cooling measures, in particular the total debt servicing ratio (TDSR) cap. Further, rising interest rates are likely to cut into Singapore householders’ incomes, reducing their ability to invest in new homes, said the Straits Times.

On Wall Street, investors welcomed the positive developments on the Greek debt negotiations, hoping that the climb down by Greece could lead to an agreement with its creditors. The Dow Jones Industrial Average rose 104.53 points, or 0.58 percent, to 18,120.48 and the S&P 500 gained 13 points, or 0.62 percent, to 2,122.99. The Nasdaq Composite added 36.97 points, or 0.72 percent, to 5,153.97, a new closing record.