The run makes the blue-chip stock the best performer on the Straits Times Index year to date. After hovering at a relatively tight range of around $4 for years, ST Engineering’s share price received this sudden flurry of market interest amid a broader rally led by European defence stocks in the past month or so.
The smiles on the faces of ST Engineering CEO Vincent Chong and his colleagues during The Edge Singapore’s visit to their headquarters on March 21 could stem from a few reasons.
For one, it was on a Friday, with the weekend around the corner, says Chong. More likely, it is because ST Engineering’s stock price is on a tear. Since the start of the year, it has been up 42.8%, hitting as high as $6.91 on March 20 before easing slightly to $6.67 on March 26.
