LOCAL shares began the trading week on a more upbeat note, as traders shrugged off concerns about the usual suspects such as inflation, pandemic-induced economic troubles and interest rates.

The benchmark Straits Times Index (STI) ended Monday (May 30) up 0.3 per cent or 8.37 points at 3,238.92. Across the broader market, daily turnover came in at 1.7 billion securities worth a collective S$1.3 billion, after advancers outnumbered decliners 312 to 175. 

Elsewhere in Asia, markets mostly ended the day higher. The Hang Seng Index rose 2.1 per cent; the Nikkei 225 was up 2.2 per cent; and the SSE Composite Index added 0.6 per cent. The Kospi was up 1.2 per cent, while the KLCI fell 0.2 per cent. 

Stephen Innes of SPI Asset Management noted that the extent to which global equity markets absorb and even embrace tighter monetary policy outside the US largely depends on “how quickly China pulls out of its funk”.

“Still, the possibility of mobility restrictions in the near future means investors must become more comfortable with stop-start economic cycles. For now, however, a weaker US dollar and a recovery in Asia’s equities is a clear signpost the light at the end of the Covid lockdown turning has turned a bit brighter,” he added. 

On the local bourse, Chinese electric vehicle maker Nio : NIO 0% was the biggest advancer for the day, gaining 8.6 per cent or US$1.37 to US$17.28.

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Jardine Matheson Holdings : J36 0% was another top gainer, rising 2.2 per cent or US$1.24 to US$59.00. 

On the other end of the spectrum, Jardine Cycle and Carriage : C07 0% was the biggest loser. The counter closed at S$28.85 on an ex-dividend basis, down 1.8 per cent or S$0.54. 

Other top decliners were Singtel : Z74 0% that lost 1.9 per cent or S$0.05 to S$2.65, and thinly traded Bukit Sembawang : B61 0% that slipped 1.9 per cent or S$0.10 to S$5.08. 

Sembcorp Marine : S51 0% was the most heavily traded counter on Monday, with some 304.3 million shares changing hands. The stock rose 4.4 per cent or S$0.005 to close at S$0.118. 

Other actively traded stocks included Dyna-Mac, Yangzijiang Shipbuilding : BS6 0% and Singtel.