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STI, regional indices soar, powered by Democratic win

The Straits Times Index rises 1.54% to record its fourth straight day of gains.

SINGAPORE'S benchmark Straits Times Index recorded its fourth straight day of gains on Thursday, gaining 43.96 points or 1.54 per cent to 2,906.97, shrugging off news of violence in the US Capitol as protestors tried to overturn the election results.

In fact, Asian equities appeared to be powered higher on a Democratic win. The Shanghai Composite Index added 0.71 per cent, Japan's Nikkei 225 gained 1.6 per cent, and Malaysia's KLCI added 0.69 per cent. Only the Hang Seng Index lost ground, retreating 0.52 per cent.

On Singapore's bourse, some 2.38 billion securities worth S$1.79 billion changed hands, with advancers outnumbering decliners 314 to 184.

Top index performer Singtel added S$0.10 or 4.35 per cent to S$2.40, on a trading volume of 69 million shares, which Bloomberg data suggested could already be in overbought territory.

The telco is on several brokerages' list of stocks to buy, as it is expected to grow its earnings in the next few years in line with Singapore's post-Covid recovery, under its new organisation structure headed by new group chief executive office Yuen Kuan Moon.

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Property landlord and developer Hongkong Land, which had topped the index on Tuesday, was the worst performer, paring gains made in the last two days to finish US$0.08 or 1.86 per cent lower at US$4.23.

The most active counter of the day was Sembcorp Marine for the fourth consecutive day. It gained S$0.003 or 1.85 per cent to S$0.165, on a volume of 308.8 million.

This was as oil prices continued to hold up, supported by anticipated blue wave stimulus effects and the surprising announcement by Saudi Arabia of a voluntary one-million-barrel production cut for February and March, Axi chief global market strategist Stephen Innes said.

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