MENU

The Singapore Market this Week: STI Hit a Two-Year High

The Straits Times Index (SGX: ^STI), the local stock market bellwether, hit a two-year high of 3,354.71 points on Thursday before taking a breather and settling down at 3,330.75 points on Friday evening. Week-on-week, the increase was around 17 points or 0.5%.

Despite the STI putting on a decent show, most of the components did not see gains; 15 were in the red, two were flat and 13 were in the green.

Oversea-Chinese Banking Corp. Limited (SGX: O39) was the biggest gainer in the index. Its shares put on 2.7% to S$11.39. The bank saw its second quarter total income grow 17% year-on-year to S$2.40 billion, with net profit surging 22% to S$1.08 billion.

On the other side of the spectrum, things are not looking too good for aircraft engineering firm, SIA Engineering Company Limited (SGX: S59). It pared 10.8% to end the week at S$3.62. For the first quarter, net profit plunged 81.8% year-on-year to S$36.2 million even though revenue was stable for the period. Keen competition in its industry is making it harder for the business to engineer higher profits.

Elsewhere, Mapletree Logistics Trust (SGX: M44U) and Mapletree Commercial Trust (SGX: N2IU) both lost ground for the week, despite posting gains in distribution per unit for their respective first quarters. Units in the former declined 0.8% to S$1.2 while the latter dropped 0.3% to S$1.605. For the earnings coverage of Mapletree Logistic Trust’s, click here and for the Mapletree Commercial Trust’s, check out the link here.

The shares of Rowsley Limited (SGX: A50) have gone on a wild ride since the firm announced that it would be foraying into the healthcare sector. The firm will be “purchasing a 100% stake in Thomson Medical Pte Ltd and a 70.36% stake in TMC Life Sciences Berhad (0101.KL), a company listed in Malaysia”. Rowsley’s shares closed at S$0.110 on Friday, after touching a pinnacle of S$0.198 last week.

The STI ETF (SGX: ES3), an index tracker which can be taken as a proxy for the Straits Times Index, is now valued at 13.4 times trailing earnings and has a dividend yield of 2.9%.

Keep up to date on the latest financial and stock market news by signing up now for a FREE subscription to The Motley Fool's investing newsletter, Take Stock Singapore. It will teach you how you can grow your wealth in the years ahead too.

Also, like us on Facebook to follow our latest hot articles.

The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Sudhan P doesn’t own shares in any companies mentioned.