STI closes flat on directionless trading amid cautious mood

SINGAPORE shares closed flat after trading under water for much of the day as traders played the waiting game on many fronts from geopolitics to worsening Covid-19 cases globally.

The key Straits Times Index (STI) closed at 2,825.63, up by a marginal 0.12 point in directionless trading.

Major regional markets except Malaysia, Taiwan and Australia also finished lower for the day as sentiments were dampened by news that negotiations on the US stimulus package, caught up in bipartisan politics, have stalled again.

Investors are also closely watching the Brexit trade negotiations between the European Union and the UK that have been flip-flopping.

Concerns over a rise in Covid-19 cases globally ahead of the holiday season and US-China tensions added to the factors weighing on markets.

In Singapore, some 1.59 billion shares worth S$1.11 billion changed hands. Among the STI constituents, 15 counters were up and 12 down.

Losses in DBS, UOB and Wilmar International shaved off 7.3 index points off the STI.

Medtecs International Corp jumped 9.5 Singapore cents or 10.5 per cent to S$1.00. The Catalist-listed maker of personal protective equipment (PPE) said on Monday that it has tied up with a Taiwan-listed firm, a current supplier, to possibly co-locate production plants in Taiwan, the Philippines and the US to ensure product quality and minimise supply chain disruption.

Genting Singapore gained one Singapore cent or 1.2 per cent to 85 Singapore cents, partly led by the afterglow of news that Singapore has been picked to host the World Economic Forum's (WEF) annual meeting next May.

The event will see top political, business and academic leaders gather to discuss pressing global issues.

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