SGX retreats from over 2-year high; Singtel falls despite Q2 profit surge

Singapore stocks fell on Thursday as investors paused after the index jumped to more than a two-year high in the previous session.

Singapore stock exchange
An SGX sign is pictured at Singapore Stock Exchange Reuters

Singapore stocks fell on Thursday as investors paused after the index jumped to more than a two-year high in the previous session.

Asian shares held near decade peaks following another record breaking day on Wall Street.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 percent and in close reach of a 10-year high set the previous day.

Wall Street rose overnight thanks to a rally by videogame makers, with all three major indexes closing at record highs.

At 0600 GMT, the Straits Times Index edged down 0.09 percent or 3 points to 3,418. It ended 0.24 percent higher on Wednesday, taking the year-to-date performance to about 19 percent.

DBS Group Holdings rose 1.3 percent, United Overseas Bank gained 0.4 percent while Oversea-Chinese Bank added 0.3 percent.

Singapore Airlines extended gains and was up 1 percent after its second-quarter net profit jumped about 193 percent, helped by strong performance of Parent Airline and SIA Cargo.

Singapore Telecommunications reported a 197 percent surge in second-quarter profit, boosted by gains from the divestment of 75.2 percent of its stake in NetLink Trust in July this year. But its shares lost 1 percent.

Engineering services provider Boustead Projects posted a 31 percent rise in second-quarter profit, helped by improved gross margin and cost savings. Its shares were down 0.6 percent.

About 1.6 billion shares worth S$860 million changed hands, with losers outnumbering gainers 234 to 139.

READ MORE