Singapore shares move in tandem with Wall Street rally

Buoyed by the overnight Wall Street rally, Singapore shares rose on Tuesday (Jul 1), with about the top one-third counters by weighting on the blue-chip-gauge Straits Times Index (STI) all closing higher.

The STI was up 25.47 points or 0.6 per cent to 3,989.76 points, after the US indexes S&P 500 and Nasdaq ended at record highs on Monday.

Elsewhere in Asia, some indexes edged higher after their respective countries reported improvement in their latest purchasing managers’ index, noted private banking and asset management group LGT.

Over in Singapore, gainers led decliners 247 to 148 across the broad market. Transactions came in at 1.3 billion of securities, totalling S$1.2 billion in value.

The top gainer on the STI tally was Hongkong Land, the shares of which spiked US$0.35 or 6.1 per cent to US$6.12, a day after it announced that it had repurchased 664,000 shares – to be scrapped – over two recent trading sessions at a weighted average price of about US$5.80.

The counter of QAF reached a 52-week-high at S$0.91, up 1.1 per cent or S$0.01, a day after the food company, which is also in the distribution and warehousing business, reported an increase in the interest of joint group managing director Lin Kejian.

Lin acquired 115,500 shares for nearly S$1 million, which raised his direct interest by 0.02 per cent to 0.968 per cent, and his deemed interest to 39.171 per cent.

Meanwhile, CapAllianz was the most active counter with 433.1 million shares transacted, but closed unchanged at S$0.003. The Catalist-listed investment holding firm owns a subsidiary engaging in software development and IT consulting, and holds a 20 per cent stake in oil concessions.

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