STI ends higher as Singapore economy shows signs of recovery

SINGAPORE shares ended in positive territory on Monday as economic data provided a glimpse of recovery in 2021.

The Straits Times Index (STI) ended the day at 2,848.78 points, up 35.77 points or 1.27 per cent. Across the broader market, advancers outpaced decliners 331 to 149, as 5.2 billion shares worth S$1.63 billion changed hands.

The Ministry of Trade and Industry (MTI) on Monday narrowed its 2020 growth forecast contraction to between 6 per cent and 6.5 per cent, from 5 per cent to 7 per cent before. But the gross domestic product (GDP) is projected to grow by 4 per cent to 6 per cent in 2021 as major economies recover.