Yongnam leads gainers on announcement of new contracts

(June 23): Over the one-week period to June 20, the benchmark Straits Times Index slipped 0.8% to close at 3,230.4. The decline was driven by property and bank counters as a plunge in crude prices, expectations of further US interest rate hikes and news that US President Donald Trump may be under investigation for possible obstruction of justice weighed on stock markets.

In contrast, our Singapore Market Portfolio was flat for the period of June 13 to 20. Five of the 13 stocks in our portfolio saw gains; one ended flat and seven saw losses. Memtech International gained 2.2% to close at 94.5 cents, Chew’s Group climbed 2.1% to close at 49 cents, and AP Oil International ended the week 1.8% higher at a 52-week high of 28 cents.

Local bourse operator Singapore Exchange eked out a 0.4% gain to close at $7.40. This came after it announced on June 19 that it was teaming up with a unit of the Agency for Science, Technology and Research (A*STAR) to help start-ups and small and medium-sized enterprises tap R&D expertise and capital markets.

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