The Business Times

Singapore shares close higher with STI up 0.50%

Anita Gabriel
Published Mon, Jul 12, 2021 · 05:50 PM

SINGAPORE shares closed higher on Monday amid a "relief rally" across the region, although analysts warned not to rule out another roller-coaster trading ahead given persistent risks, especially the rising Covid-19 outbreak in many parts of the world.

The key Straits Times Index rose 15.74 points or 0.50 per cent to finish at 3,147.14 to post its second straight day of gains. The upbeat note ushers a week when Singapore residents are looking forward to easing of curbs including dining-in for groups of five people.

Key gauges in the region, except for Malaysia, all posted gains. Japan was up 2.25 per cent; Hong Kong and China rose 0.6 per cent and 0.7 per cent respectively while Taiwan and South Korea both advanced 0.9 per cent.

Asian equities were also buoyed by policy easing in China and Wall Street's positive showing last Friday. This week, traders attention will turn to the second quarter reporting season in the US that kicks off with the big banks namely JP Morgan and Goldman Sachs.

Turnover in the local bourse came in at 1.26 billion units worth S$914.40 million. Gainers outpaced losers with 257 counters up and 225, down. Gains were led by Singapore's banking trio DBS, UOB and OCBC as well as Singtel which collectively added 13.8 index points to the STI.

Sembcorp Marine was most active with 113 million shares worth S$13.6 million done. The counter fell 0.2 Singapore cent or 1.63 per cent to 12.1 Singapore cents. The offshore and marine firm guided on Monday that its soon-to-be released first half results could see losses in the region over half a billion dollars owing to full provisions for increased cost of manpower amid a labour crunch.

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iX Biopharma rose 0.5 Singapore cent or 2.13 per cent to 24 Singapore cents. The speciality pharmaceutical company said on Monday that it is seeking to spin off and list its pharmaceutical and medicinal cannabis business in Hong Kong.

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