STI up 0.7%, led by gains in Reits and business trusts

Analysts say Covid-19's impact on markets is receding, with 'buy-everything' sentiment set to remain for the week.

Published Thu, Jul 23, 2020 · 09:50 PM

SINGAPORE shares were pushed into positive territory on Thursday, led by gains from real estate investment trusts (Reits) and business trusts, eclipsing worries of escalating United States-China trade tensions.

The Straits Times Index (STI) gained 17.82 points, or 0.7 per cent, to 2,612.35. Advancers outpaced decliners 271 to 170, as 1.38 billion shares worth S$1.12 billion changed hands.

AxiCorp's chief market strategist Stephen Innes said: "The impact of virus headlines is receding for stock markets, while price action suggests little care is given about the rising US-China tensions."