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Local shares end trading week higher, STI up 0.2%

SINGAPORE – Local shares ended the shorter trading week higher as investors seized opportunities following the United States overnight vote to raise the debt ceiling.

The Straits Times Index rose 0.2 per cent or 7.5 points on Thursday to close at 3,166.30 while gainers pipped losers 270 to 269 on trade of 1.4 billion shares worth $1.3 billion. 

SPI Asset Management managing partner Stephen Innes said: “Asian markets have been dominated by the great unwind of China recovery trades ... as data has disappointed.

“With China cast down as a driver for regional performance, it could leave local sentiment flapping in the wind.”

Jardine Matheson Holdings was the top advancer by value, rising 0.9 per cent to US$48.44.

DBS was another winner, adding 1 per cent to $30.60, but UOB fell 0.4 per cent to $27.84 and OCBC shed 0.3 per cent to $12.23.

Venture Corp was among the top decliners, falling 1.3 per cent to $14.97.

iFast Corporation was another notable decliner, losing 2.2 per cent to $4.37.

Seatrium, formerly Sembcorp Marine, was the most heavily traded, with 458.2 million shares changing hands.

The Corrupt Practices Investigation Bureau said on Wednesday that it was investigating Seatrium for alleged corruption offences. The stock lost 1.6 per cent on Thursday to close at 12.1 cents. THE BUSINESS TIMES