Investors take profit after long weekend

STI ends slightly up after strong start, buoyed by concrete progress on the US-China trade front and Wall Street's record close

Published Tue, Oct 29, 2019 · 09:50 PM

RETURNING from the long weekend, Singapore equities had a list of positives to digest. Investors here were buoyed by Monday's record close on Wall Street, concrete progress on the US-China trade front as well as diminishing fears of a no-deal Brexit.

Singapore's Straits Times Index (STI) opened one per cent higher but profit taking after last week's strong performance saw the benchmark close at 3,197.04, an 11.51-point or 0.4 per cent gain. Even though 17 of 30 counters ended in the red, the banks and the Jardine counters ensured the blue-chip stayed in positive territory.

"US-China trade conflict remains a critical near-term narrative for the equity market and with Washington and Beijing coalescing around Phase one of the trade deal, the market has started pricing in bullish expectations around Phase two which is thought to include a complete withdrawal of the proposed December US tariffs," AxiTrader Asia-Pacific market strategist Stephen Innes said.

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