Singapore stocks extend recent gains amid mixed regional showing; STI up 1%

THE Straits Times Index (STI) climbed 1 per cent or 32.47 points to close at 3,260.80 on Monday (Nov 14), while regional markets were mixed.

In the broader Singapore market, gainers beat losers 358 to 251, with 2.05 billion securities worth S$1.79 billion traded.

Oanda senior market analyst Craig Erlam said markets saw a choppy start to the week, with investors focused on the relaxed pandemic rules in China, as well as state support for the Chinese property market.

“Unfortunately, both come at a time of record Covid infections in major cities including Beijing and Guangzhou,” he said.

“And the relaxation of measures that was announced is not ambitious enough to make any difference in those cities seeing rising cases which means activity is going to weaken.”

Across the region, Japan’s Nikkei 225 shed 1.1 per cent, South Korea’s Kospi fell 0.3 per cent, while Hong Kong’s Hang Seng Index gained 1.7 per cent.

Elsewhere, the Jakarta Composite Index fell 1 per cent, while the Kuala Lumpur bourse declined 0.3 per cent.

On the local bourse, the best performer on the STI was Mapletree Pan Asia Commercial Trust , which climbed 3.6 per cent or S$0.06 to close at S$1.71.

Meanwhile, DFI Retail Group came in at the bottom of the table, falling 1.6 per cent or US$0.04 to US$2.45.

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The trio of banks were in the black on Monday.

DBS gained 0.2 per cent or S$0.07 to close at S$34.86, while OCBC gained 0.4 per cent or S$0.05 to close at S$12.32, and UOB gained 1.5 per cent or S$0.45 to close at S$29.95.