Singapore shares press on, adding 0.7% on Tuesday

SINGAPORE equities pushed on as risk-on sentiment continues to permeate the market and investors resumed picking up oversold counters in May.

The Straits Times Index (STI) closed at 3,209.58, up 21.47 points or 0.7 per cent.

While US President Donald Trump threatened to raise tariffs on China if he failed to meet his Chinese counterpart at the month-end G-20 summit, region markets were little affected.

Instead, investors took to the positivity of hopes of a US Federal Reserve rate cut and further stimulus measures by China to support its economy amid the global slowdown.

Australia, China, Hong Kong, Japan and Malaysia closed higher. Among them, the Shanghai Composite Index put in the best performance, gaining 73.59 points or 2.6 per cent to finish at 2,925.72, lifted by further signals from Beijing to provide further fiscal spending in the form of infrastructure investments to buffer slowing growth.

In Singapore, trading volume clocked in at 964.67 million securities, 80 per cent of the daily average in the first five months of 2019. Total turnover came to S$987.59 million, 95 per cent of the January-to-May daily average.

Across the market, advancers outpaced decliners 245 to 170. The benchmark index had just three of its 30 components in the red.

On 46.7 million shares traded, Genting Singapore remained the benchmark index's most traded stock for the second successive session. The casino operator added 1.5 Singapore cent or 1.7 per cent to close at 89.5 Singapore cents.

Financials were higher. Among the banks, DBS Group Holdings closed S$0.16 or 0.7 per cent higher at S$24.68, OCBC Bank added S$0.08 or 0.8 per cent to S$10.81, while United Overseas Bank ended at S$24.53, climbing S$0.15 or 0.6 per cent.

Bourse operator Singapore Exchange (SGX) edged up one Singapore cent or 0.1 per cent up at S$7.51.

Tech counters continued their ascent. The benchmark index's Venture Corporation added S$0.41 or 2.6 per cent higher at S$16.11. Meanwhile, AEM Holdings built on a near 10 per cent gain on Monday to close at S$0.99, up 4.5 Singapore cents or 4.8 per cent. Hi-P International was up S$0.06 or 4.7 per cent to close at S$1.35.

CapitaLand gained 10 Singapore cents or 3 per cent up at S$3.41. The real estate player announced on Tuesday morning that it will sell three malls in China for 2.96 billion yuan (S$589.2 million) to CapitaLand Retail China Trust.