SGX shrugs off Asia weakness; Geo Energy jumps after block deal

Singapore stocks edged higher on Tuesday, led by lenders such as OCBC Bank and United Overseas Bank but sentiment remained subdued amidst weakness in the Chinese markets.

SGX
An electric display chart showing the afternoon trading trend of the blue chip Hang Seng Index is seen through a camera at a brokerage in Hong Kong, China. REUTERS

Singapore stocks edged higher on Tuesday, led by lenders such as OCBC Bank and United Overseas Bank but sentiment remained subdued amidst weakness in the Chinese markets.

Asian shares stepped back from decade highs on Tuesday as Chinese stocks stumbled for a second straight session.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.3 percent from last week's high of 570.21 points. It was on track to end November in the black.

Investors are gearing up for a big week, with U.S. President Donald Trump scheduled to address Senate Republicans Tuesday ahead of a potential vote on a tax overhaul.

The Straits Times Index gained 0.13 percent or 4.4 points to 3,440. It ended 0.17 percent lower on Monday, taking the year-to-date performance to about 19 percent.

DBS Group Holdings dropped 0.4 percent but United Overseas Bank gained 0.9 percent while Oversea-Chinese Banking was up 1.4 percent.

Integrated coal mining specialist Geo Energy Resources gained as much as 3.8 percent after a block trade.

Singapore-listed Ying Li International Real Estate climbed 2 percent after it entered into an agreement with China's Shengyu to sell its stake in unit Shiny Profit for 3.29 billion yuan (S$671.9 million) in cash.

Engineering services provider Boustead Projects gained 3 percent after its units secured two contracts totaling about S$67 million from repeat clients.
About 821 million shares worth S$383 million changed hands, with losers outnumbering gainers 189 to 132.

About 2 billion shares worth S$1.2 billion changed hands, with losers outnumbering gainers 263 to 169.

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