Singapore shares up for third straight session, STI gains 0.16%
SINGAPORE shares ended the week in positive territory, marking its third straight session of gains.
The benchmark Straits Times Index (STI) rose 0.16 per cent or 4.87 points to close at 3,004.87 points on Friday. Across the broader market, gainers outnumbered losers 289 to 202, after 4.2 billion securities worth S1.54 billion changed hands.
US President-elect Joe Biden's US$1.9 trillion economic rescue plan had done little to lift sentiment elsewhere in Asia. With the exception of Hong Kong, key benchmarks in Tokyo, Seoul, Kuala Lumpur and Jakarta ended in negative territory. Wall Street also ended modestly lower on Thursday.
IG senior market strategist Pan Jingyi said: "To some extent, most of this optimism had been priced in, but the huge figures had also invited some contemplation as to whether the necessary bipartisan support will materialise for this huge sum."
Oanda senior market analyst Jeffrey Halley said that excitement over the proposed stimulus is being tempered by challenges of the new administration in passing the package through Congress, and the new sanctions imposed on Chinese companies overnight.
The best-performing counter on the STI was Jardine Strategic Holding, gaining 3 per cent or US$0.79 to US$27.04.
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Transport-related Covid-19 recovery plays fared relatively well too, emerging among the top 10 stocks on the blue-chip index. Singapore Airlines gained 0.9 per cent or S$0.04 to S$4.39, Sats was up 0.8 per cent or S$0.03 to S$4.04 while ComfortDelGro rose 0.6 per cent or S$0.01 to S$1.72.
At the bottom of the table were the Singapore Exchange and Singtel, with both shedding 0.8 per cent to end the day at S$9.87 and S$2.49 respectively.
The most active counter on the STI was Yangzijiang Shipbuilding which closed flat at S$1.07 after over 41 million shares changed hands. It had on Thursday evening announced that its wholly owned subsidiary Yangzijiang Terminals China Holding subsidiary will take a 30 per cent stake in a liquefied natural gas (LNG) supply chain joint venture for six million yuan (S$1.23 million).
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