SINGAPORE stocks closed higher on Tuesday (Nov 22), even as most other Asian indices moved deeper into the red with China’s Covid-19 infections surging close to record levels.

The Straits Times Index (STI) rose 0.3 per cent, or 8.94 points, to end the day at 3,259.56 points. Advancers beat decliners 297 to 274 in the broader market, after 1.7 billion securities worth S$871.9 million changed hands.

Hong Kong stocks led losses in the region, with the Hang Seng Index falling 1.3 per cent. South Korea’s Kospi lost 0.6 per cent, and the Kuala Lumpur Composite Index lost 0.5 per cent, while the Jakarta Composite Index fell 0.5 per cent.

China has seen a rise in infections since loosening Covid-19 restrictions about a fortnight ago.

“We know that China’s reopening will be laced with fits and starts as the two-steps-forward-one-step-back routine becomes the norm,” said Stephen Innes, managing partner at SPI Asset Management.

Bearish investors also fear a prolonged property downturn in China and an inability to kick-start growth as in the past, given debt levels, Innes added.

GET BT IN YOUR INBOX DAILY

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

Sign UpVIEW ALL

Sembcorp Industries (Sembcorp) : U96 0% was the top performer on the STI, gaining 4.9 per cent, or S$0.15, to close at S$3.20. The company announced on Nov 17 that it was buying a stake in Wuling Power, a renewable energy company in China. Wuling Power is an affiliate of Chinese state-owned enterprise State Power Investment Corporation, which is the world’s largest renewables player.

At the bottom of the index was Mapletree Pan Asia Commercial Trust : N2IU 0%, which lost 1.2 per cent, or S$0.02, to close at S$1.69.

The three Singapore banks ended mixed. DBS : D05 0% rose 0.9 per cent or S$0.32 to close at S$35.58, UOB : U11 0% gained 0.3 per cent or S$0.08 to close at S$30.11, and OCBC : O39 0% lost 0.2 per cent or S$0.02 to end the day at S$12.43.