STI ends higher as banks lift weekly performance

In sector performance, the FTSE ST Industrials Index has delivered a 36% total return from January to November.

The Straits Times Index gained 8 points, or 0.17%, to finish the week at 4,531.36, according to the latest SIAS market review.

Average daily turnover eased to about $1.3b ahead of the holiday period. OCBC rose 2.3% and UOB added 1.6%, whilst DBS dipped $0.04.

Global sentiment was steady, with Wall Street posting weekly gains as markets priced an 86% probability of a 25-basis-point rate cut on Wednesday. The S&P 500 rose 0.3%, the Dow Jones Industrial Average rose 0.5%, and the Nasdaq rose 0.9%.

Corporate developments dominated activity. Low Keng Huat received an offer to be taken private at ]$0.72 a share, sending the stock up to match the bid. The offer is conditional on at least 90% acceptances excluding concert-party holdings.

Manulife US REIT proposed a strategic pivot toward industrial, residential and retail assets, and is seeking unitholder approval to dispose of up to three assets worth up to US$350m and to acquire up to US$600m.

An EGM is set for 16 December, with its MRA concessions extending deadlines and easing certain covenants. Cordlife disclosed that it faces a civil claim of at least $5.4m related to 109 cord blood units.

There were no changes to the STI constituents. CapitaLand Ascott Trust and Sheng Siong were added to the STI reserve list, joining Keppel REIT, NetLink NBN Trust, and Suntec REIT.

In sector performance, the FTSE ST Industrials Index has delivered a 36% total return from January to November, or 40.7% including dividends.

Consensus target prices have risen 33% year to date, whilst the sector has attracted $269m in net institutional inflows. Median ROE stands at 9.2% and the median P/E at 16.8 times. Hong Leong Asia is the top performer with a 141% year-to-date gain on $53m of inflows.

Two IPOs rounded out the week. UltraGreen.ai debuted at US$1.52, up 4.8%, before ending the week at US$1.44. Infinity Development is listed on Catalist and closed flat at S$0.39.

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