STI gains 0.1 per cent on Thursday amid economic growth, simpler Covid measures

SINGAPORE stocks rose on Thursday (Feb 17), as local investors remained positive amid plans to ease Covid-19 measures, and better economic numbers announced.

The benchmark Straits Times Index (STI) climbed 0.1 per cent or 2.27 points to close at 3,441.57, the highest since June 2018.

It follows news that the government is simplifying some Covid-19 rules and opening travel lanes with more countries. Meanwhile, economic data released on Thursday also showed that the Singapore economy grew 7.6 per cent on-year in 2021, higher than an earlier estimate of 7.2 per cent.

IG market strategist Yeap Jun Rong said: "Overall, the economy outlook remains positive, with resilient demand from our trading partners such as China and US, along with further economic reopening in the region as Covid-19 risks abate."

The STI upward trend remains intact for now with a series of higher highs and higher lows since December, he added. "Further upside may put the 3,600 level on watch as resistance to overcome."

Sembcorp Industries shares surged 3.6 per cent to close at S$2.58, ending as the day's top STI gainer, and extending its lead as the top index performer for 2022.

Meanwhile, shares of Venture Corp were the top decliner on the index on Thursday, falling 1.7 per cent to close at S$18.20.

Across the broader market, gainers outnumbered losers 260 to 207 , after 1.2 billion securities worth S$1.6 billion changed hands

Capitaland Integrated Commercial Trust was among the top 5 actively-traded counters by value, with units worth S$81.5 million changing hands. The counter closed at S$2.13, up 1.4 per cent.

Elsewhere in Asia, most markets closed higher, with key indices in Hong Kong, Shanghai, South Korea and Malaysia rising 0.1 to 0.5 per cent