The Business Times

Singapore shares rise 0.6% buoyed by China data, Wall Street gains

Anita Gabriel
Published Tue, Jul 13, 2021 · 05:53 PM

SINGAPORE shares extended its gains for the third consecutive day on Tuesday as sentiments in the region were buoyed by strong data out of China and robust overnight gains on Wall Street ahead of key inflation data out of the US.

The key Straits Times Index rose 19.67 points or 0.63 per cent to finish at 3,166.81 on Tuesday.

Key gauges in the region, except for Australia, posted gains. Japan and China were up 0.5 per cent; Hong Kong jumped 1.6 per cent and Malaysia gained 0.4 per cent even as the country posted another record day of Covid-19 infections. Taiwan and South Korea advanced 0.2 per cent and 0.8 per cent respectively.

The robust China data is a shot in the arm for Asia, said OANDA senior market analyst Jeffrey Halley. However, he added: "Ex-China, Asia and Australia are dealing with varying waves of Covid-19, which, given their stubborn refusal to go away, will inevitably lead to some mollifying of growth prospects for the rest of the year".

Traders kept their eyes peeled on inflation data out of US which could offer clues over the Federal Reserve's timeline for easing bond purchases.

An upside surprise on the inflation data may inject dollar bulls with fresh inspiration as expectations mount over the Fed tapering asset purchases sooner than expected. However, if the data fails to meet expectations, it could reduce the pressure on the Fed to make a move, resulting in a weaker dollar, said FXTM senior research analyst Lukman Otunuga.


Start and end each day with the latest news stories and analyses delivered straight to your inbox.


Turnover in the local bourse came in at 1.61 billion units worth S$1.29 billion. Gainers outpaced losers with 282 counters up and 213, down. Gains were led by Singapore's banking trio DBS, UOB and OCBC.

Marco Polo Marine was the day's second most active with close to 99 million shares worth S$2.7 million traded. The counter rose 0.4 Singapore cent or 16 per cent to 2.9 Singapore cents. The restructured marine logistics firm has drawn trading interest on the back of its efforts to diversify into the offshore windfarm renewable energy segment. The move, as well as potential earnings rebound, prompted a coverage from RHB Research a month ago with the house setting a target price of 4.1 Singapore cents on the counter.

Singapore Exchange added 18 Singapore cents or 1.6 per cent to S$11.40. According to recent data released by the bourse operator, total turnover in the local stock market fell 11 per cent to S$26.8 billion in June from a month ago, while securities daily average value stood at S$1.22 billion.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to

Capital Markets & Currencies


Get the latest coverage and full access to all BT premium content.


Browse corporate subscription here