STI rises 0.3%, joining in festive cheer with regional bourses

KEY regional markets made gains in mid-day trading on Thursday, with Singapore's Straits Times Index (STI) rising 8.64 points or 0.3 per cent to 2,842.04 points at the closing bell of a holiday-shortened day.

Senior market strategist at IG, Pan Jingyi, said Asia markets had joined in the rather festive cheer with prices broadly supported across the region. This was despite uncertainties, such as the possibility of the United States' US$900 billion relief aid to be vetoed by US President Donald Trump, still lingering into the holiday season.

"The current market sentiment appears to remain little changed, similarly powered by the positive outlook looking into the new year on this holiday-shortened trading day for various regional indices," she said.

"As with the local Straits Times Index, this continued range-bound action remains the case with investors likely both unwilling to take on fresh risks, but also not wanting to deviate from the broad trend."

The STI was marginally down 0.24 per cent over the four-day trading week, however. The bourse is closed on Christmas Day.

Gainers outnumbered losers 173 to 155 on the broader market on Thursday, which saw 859.8 million securities worth S$433.05 million traded.

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Property company City Developments, expected to benefit from the gradual economic recovery and divestment of non-core hotel asset sale, was trading at S$7.98 or up 1.1 per cent at Thursday closing bell.

Agri-food company Olam International lost 2 per cent at S$1.45. It had furnished a profit guidance on Wednesday, pointing to a loss for the second half of 2020 due to an impairment, but expects to post a profit for the full year.

The most heavily traded counter was penny stock LionGold, with a trading volume of 93.1 million, closing flat at 0.3 Singapore cent.

Regional markets generally rose by mid-day. South Korea's Kospi Index was up 1.55 per cent to 2,802.66, while Japan's Nikkei 225 Index was trading at 26,625.21, gaining 0.38 per cent as of Thursday 1.20pm.

Hong Kong's Hang Seng Index closed 0.17 per cent higher at 26,386.56, and Australia's S&P/ASX 200 gained 0.33 per cent at 6,664.80.

For full listings of SGX prices, go to https://www2.sgx.com/