SINGAPORE – Singapore stocks ended higher on May 4.
The benchmark Straits Times Index (STI) gained 0.2 per cent or 11.62 points to finish at 4,924.31.
Venture Corporation led the gainers on Singapore’s blue-chip index, rising 5.5 per cent to end at $17.09.
Earlier in the day, analyst William Tng from CGS International had raised his target price on the technology solutions provider to $21.78, representing an increase of $4.74 from the previous mark of $17.04. This was due to better growth visibility across multiple technology domains.
The worst performer among STI constituents was CapitaLand Investment, falling 4.7 per cent to close at $2.65 as it traded ex-dividend.
The three local banks ended mixed. DBSrose 0.2 per cent to $58.60 and UOB was up 0.1 per cent at $36.17. OCBC finished 0.1 per cent lower at $21.87.
Within the iEdge Singapore Next 50 Index, Olam Group was the top gainer, rising 15.7 per cent to finish at $1.18, while ComfortDelgro was the top loser, falling 3.4 per cent to end the session at $1.43.
Across the broader market, gainers beat losers 416 to 221, after 3.4 billion securities worth S$2.1 billion changed hands.
Key regional indices were positive. Hong Kong’s Hang Seng Index gained 1.2 per cent, South Korea’s Kospi was up 5.1 per cent and the FTSE Bursa Malaysia KLCI advanced 1 per cent.
SPI Asset Management managing partner Stephen Innes noted that “the market is trying to lean into a subtle but important shift around the Strait of Hormuz” as the US begins guiding ships not involved in the Iran conflict through the corridor.
“In doing so, it could reframe the situation from confrontation to controlled stabilisation. Rather than escalating the conflict, the objective is to restart global trade,” he said. THE BUSINESS TIMES
