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STI closes 28.71 points up at 2,648.90; key property stocks chart gains

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AMID mixed sentiment across the region and a sombre kick-off to the Q2 reporting season in the US market, the local market benchmark Straits Times Index ended Wednesday at 2,648.90, up 28.71 points or 1.1 per cent. Read more at The Business Times.

Many healthcare and pharmaceutical plays that have seen heavy trading recently ended the day lower. Among them were iX Biopharma and Hyphens Pharma International, which ended the day down 9.52 per cent and 12.5 per cent respectively.

Around the region, the Shanghai Composite Index was down 1.56 per cent, while the Hong Kong’s Hang Seng Index ended the day with a marginal 0.01 per cent loss. Korea’s Kospi Index was 0.84 per cent higher. Closer to home, the key market benchmarks for Kuala Lumpur and Jakarta were down 0.82 per cent and 0.07 per cent respectively, while Bangkok’s main barometer was up 0.94 per cent.

In the US, the S&P 500 Index charted an overnight gain of 1.34 per cent. However, while the reaction to the earnings reports of major US banks like JP Morgan and Wells Fargo was mixed, their managements warned of a tough operating outlook ahead. Johanna Kyrklund, chief investment officer and global head of multi-asset investment at Schroders, said: “As we head towards the autumn, complacent investors may get a wake-up call. The furloughing of staff may be masking some of the negative effects of the lockdown, and as furlough measures are removed, job losses are likely to accelerate.”For daily updates on weekdays and specially selected content for the weekend.

 

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