Singapore Market surges 0.9%

The Singapore stock market finished session higher on Thursday, 16 February 2023, as investors chased for bottom fishing on recently battered stocks, thanks to positive lead from Wall Street overnight after a surprisingly strong January retail sales report.

At closing bell, the Straits Times Index (STI) index advanced 30.41 points, or 0.93%, to 3,311.23 after trading between 3,286.26 and 3,325.22. Volume was 1.34 billion shares worth S$1.02 billion changed hands. There were 327 gainers and 226 decliners.

The top performing stock in Straits Times Index constituents was Keppel DC REIT which rose 3.05% to S$2.03, while the bottom performing stock was Thai Beverage Public Company, falling 3.03% to S$0.64.

The local banks were higher. United Overseas Bank added 2.74% to S$30.74 and DBS Group Holdings added 0.3% to S$34.80, while Oversea-Chinese Banking Corp was up 1.8% at S$13.

In corporate news, shares of CSE Global slipped 5%, as the company disclosed that it expects to book a "significantly lower" net profit after non-controlling interests in the second half of 2022, as compared to a year earlier.

Global Invacom shares tumbled 13% after the company expects to report a net loss of about $13.2 million in 2022, compared with a net profit of $558,000 a year ago.

Marco Polo Marine shares closed 2% higher, as it posted a gross profit of S$6.6 million in the fiscal first quarter ended Dec 2022, an increase of 154% from the S$2.6 million the company booked a year earlier.

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