Venture leads Singapore stocks higher as STI gains 0.6%

Singapore’s Straits Times Index closed at 5,289.66 on Nov 11, up 31.07 points or 0.6 per cent, as technology shares extended their recovery following the previous week’s sell-off.

Venture posted the strongest gain among STI stocks, adding S$0.76 or 5.2 per cent to reach S$15.31. On Nov 6, the company reported that net profit for the quarter ended Sep 30 increased 21.9 per cent from a year earlier to S$67.8 million, with its key technology business contributing more revenue.

RHB kept its buy recommendation on Venture and increased its price target from S$20.78 to S$21.97. Analyst Alfie Yeo expects the momentum to support growth in subsequent quarters. DBS retained a S$22.90 target, with analyst Ling Lee Keng seeing value after the technology-sector sell-off.

All three local banks advanced: DBS added S$0.60 or 0.9 per cent to S$70.97; OCBC gained S$0.22 or 0.8 per cent to S$28.82; and UOB climbed S$0.20 or 0.5 per cent to S$37.58.

Mapletree Pan-Asia Commercial Trust recorded the STI’s largest decline, dropping S$0.03 or 2.5 per cent to S$1.15. Among iEdge Singapore Next 50 Index constituents, First Resources led advances with an 8.9 per cent rise to S$2.82, while Golden Agri-Resources fell the most, losing 3.6 per cent to S$0.265.

Across the market, 324 counters advanced and 242 declined. Trading involved 1.2 billion securities with a value of S$2.1 billion.