STI slips on concerns over global surge in Covid-19 cases

THE Straits Times Index (STI) slid 0.09 per cent or 2.46 points on Monday to 2,846.52 points, in tandem with several Asia-Pacific key equity benchmarks, on the back of renewed concerns over a resurgence in the novel coronavirus cases.

These gauges slipped in spite of a tentative agreement reached on a fresh US$900 billion relief package in the United States.

Hong Kong's Hang Seng Index was 0.72 per cent lower at 26,306.68, while the FTSE Bursa Malaysia Kuala Lumpur Composite Index dropped 0.28 per cent to 1,647.89 points.

Japan's Nikkei 225 Index declined 0.18 per cent to 26,714.42, as investors weighed rising coronavirus infections against new relief packages in Japan and the US. The same concerns weighed on Australia's S&P/ASX 200, which slipped 0.08 per cent to 6,669.89, amid rising coronavirus cases in Sydney that might trigger stricter movement restrictions.

The bright spots included the Shanghai Composite Index, up 0.76 per cent to 3,420.57 points, and South Korea's Kospi Index, which was up 0.23 per cent to 2,778.65, boosted by strong performance from its biopharmaceutical stocks.

In Singapore, Wilmar International had in the past week paid S$6.8 million to repurchase 1.62 million of its own shares, continuing its buyback spree that started in November. The stock rose by four Singapore cents or 0.92 per cent to S$4.40, making it one of the top gainers on STI.

Tianjin Zhong Xin, which had its trading halt lifted on Monday morning, declined US$0.175 or 16.1 per cent to US$0.915, following its Sunday announcement that a 67 per cent stake in its controlling shareholder Tianjin Pharmaceutical Holdings will be acquired by another company for an undisclosed sum.

The most heavily traded counter was the watch-listed seafood and fast-moving consumer goods value chain manager Oceanus Group, with 108.9 million shares changing hands. The stock ended trading at 2.6 Singapore cents, up 0.1 cent or 4 per cent.

Decliners outnumbered gainers 269 to 174, with 1.34 billion securities worth S$1.14 billion traded.

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