STI up 0.5% on strong corporate reports, bucking region's retreat

• Hong Kong, South Korea, Japan, Malaysia shares dip • ST Engineering tops STI, with Genting Singapore at bottom • Trio of local banks gain between 0.4% and 1.9%

- Megan Cheah

A range of robust corporate reports prompted investors to send local shares higher on May 15 despite red ink across much of the region.

The optimistic mood drove the Straits Times Index (STI) up 0.5 per cent, or 20.89 points, to 3,891.94, but losers outpaced gainers 283 to 238 on trade of 1.4 billion securities worth $1.5 billion.

It was different elsewhere. Hong Kong's Hang Seng declined 0.8 per cent, the Kospi in South Korea fell 0.7 per cent, Japan's Nikkei 225 lost 1 per cent and Malaysian shares retreated 0.7 per cent.