Vaccine optimism lifts Singapore market again

THE Straits Times Index (STI) continued its ascent on Tuesday, following on the heels of Wall Street where the S&P 500 hit a record high overnight, as well as positive sentiment on the early success of Moderna's vaccine results.

In Singapore Exchange market strategist Geoff Howie's words: "Markets are taking stock of the fact that the big vaccine news is walking the walk."

Singapore's benchmark index led the region with its 30.55-point or 1.1 per cent increase to 2,778.55, as 3.21 billion securities worth S$1.75 billion changed hands. Advancers outnumbered decliners 284 to 199. The index's top performer was Singapore Airlines - possibly the greatest beneficiary of a successful vaccine development. Its shares rose S$0.19 or 4.9 per cent to S$4.06. The aviation group had on Tuesday said that it was doubling its multicurrency medium-term note programme limit to S$10 billion to raise funds for general corporate or working capital purposes.