STI claws back early losses to end higher
It closes 12.76 points or 0.52 per cent up at 2,453.03; other equity benchmarks in the Asia-Pacific end mixed
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SINGAPORE'S Straits Times Index (STI) had a strong finish on Thursday, even as investors grapple with a rising rate of Covid-19 infections in the West and the growing sense that the worst is now over for Asia.
That said, equities found some support in higher oil prices, which were up on hopes that a price war between Saudi Arabia and Russia can be resolved. Prices of black gold were also lifted by news that China may add more oil to its state reserves.
The STI traded more than 1.5 per cent lower in the early session, but eventually clawed back those losses after a strong opening in Europe and the futures market pointed to a positive open in the US. The blue-chip index closed 12.76 points or 0.52 per cent higher at 2,453.03, with 14 of its 30 constituents ending in the red.
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