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STI dips slightly despite Singapore factory output growth in November

Thiveyen Kathirrasan and Felicia Tan
Thiveyen Kathirrasan and Felicia Tan12/7/2020 12:39 PM GMT+08  • 2 min read
STI dips slightly despite Singapore factory output growth in November
Week-on-week, the STI gained 1.1% from 2,805.95.
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The Straits Times Index (STI) was down 3.28 points or 0.12% to 2,836.61 as at 12.27pm on Dec 7, after it rose 0.2% as at 9.01am.

Week-on-week, the STI gained 1.1% from 2,805.95.

The buoyant outlook comes after the Monetary Authority of Singapore (MAS) awarded four digital bank licenses on Dec 4.

A consortium comprising Grab Holdings and Singapore Telecommunications (Singtel) and an entity wholly-owned by Sea Limited secured digital full bank licenses while another consortium by Greenland Financial Holdings Group, Linklogis Hong Kong and Beijing Co-operative Equity Investment Fund Management, as well as another entity wholly-owned by Ant Group clinched digital wholesale bank licences.

Following the news, shares in Singtel were the most actively trade in terms of top value. This was followed by DBS and Yangzijiang Shipbuilding.

DBS, on Dec 4, said the tide seemed to be turning for the Chinese-based Mainboard-listed shipbuilding group after its MSCI rebalancing in early November set it behind its peers by 5% to 39%.

The Singapore Institute of Purchasing and Materials Management, on Dec 3, revealed that manufacturing activity for the month of November remained buoyant for the fifth month running.

Shares in CapitaLand inched up slightly by 0.3% w-o-w after a series of moves including its divestment of its Japan and Korean properties on Dec 1 and its joint venture announcement to scale its multifamily asset portfolio in the US on Dec 7.

See also: CapitaLand divests properties in Japan and Korea for $448.7 mil and CapitaLand forms $416.1 mil JV to scale multifamily asset portfolio in US

Shares in Jardine Matheson Holdings and Jardine Strategic were up 3.1% and 7.8% w-o-w respectively despite CGS-CIMB's downgrade on Dec 2.

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