Singapore stocks drift higher; Pacific Radiance climbs 22%

Singapore stocks edged higher on Tuesday, tracking gains in other Asian equities but sentiment remained muted as concerns about North Korea re-emerged.

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SGX Logo. Reuters

Singapore stocks edged higher on Tuesday, tracking gains in other Asian equities but sentiment remained muted as concerns about North Korea re-emerged.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent having gained 10 of the past 12 sessions.

North Korea warned that a nuclear war could "break out any moment," sparking a pullback in the region's markets -- one of a number of geopolitical risks, along with the Brexit and Catalan-secession impasses.

The Straits Times Index rose 0.18 percent or 6 points to 3,329. It ended 0.12 percent higher on Monday, taking the year-to-date performance to about 15 percent. Singapore financial markets will remain shut on Wednesday on account of Deepavali.

United Overseas Bank fell 0.3 percent, Overseas-Chinese Banking Corp was up 0.2 percent and DBS Group Holdings rose 0.7 percent.

Property developer Chip Eng Seng Corp rose 0.6 percent after saying it would buy the Changi Garden property for S$248.8 million.

Pacific Radiance jumped 22 percent after it commenced discussions with potential investors to raise fresh funds as part of the restructuring and has received expressions of interests from them.

But M1 shares dropped 1 percent after warning on full-year profit. The telecom operator said it expects full-year profit to fall after the Singapore-based telecom services provider reported a near 5 percent fall in third-quarter profit, citing higher depreciation and interest expenses.

Keppel DC REIT lost 0.4 percent after posting a 42 percent jump in third-quarter net property income, helped by in part by acquisitions.

About 1.5 billion shares worth S$1 billion changed hands, with losers outnumbering gainers 228 to 201.

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