Biden's swearing-in lifts regional indexes; STI breaches 3,000-mark

GLOBAL equity markets cheered the swearing-in of US President Joe Biden, as many key regional indexes ended trading on Thursday with gains.

Singapore's benchmark Straits Times Index (STI) breached the 3,000 market and closed at 3,017.15 points, up 18.38 points or 0.61 per cent.

Oceanus Group's shares traded at a volume of 583.5 million, accounting for about 16 per cent of the total trades on the market, making it the most active counter. The share price, however, had a bumpy ride, as it surged 8.2 per cent within an hour of the opening bell. The bourse operator fired a query to the watch-listed seafood and fast-moving consumer goods value chain manager. But the counter did not manage to sustain the momentum and closed 4.08 per cent lower instead at S$0.047.

Agribusiness group Wilmar International was among the better performing index stock, notching a gain of 2.43 per cent to S$5.47. Given the company's successful brand and a decade of investments in its distribution channels and production facilities, DBS Group Research thinks Wilmar International deserves a higher valuation multiple than its crude palm oil plantation peers.

Capitaland Integrated Commercial Trust reported negative rental reversions of 6.6 per cent on Thursday, resulting in the real estate investment trust (Reit) to come in at the bottom of the STI performance tally. The counter dipped 2.13 per cent to close at S$2.30.

Decliners outnumbered advancers on the broader market at 274 to 228, as 3.75 billion securities worth S$1.50 billion transacted.

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Key regional markets saw their indexes make their way up.

Japan's Nikkei 225 was 0.82 per cent higher at 28,756.86 - the highest close in 30 years, as investors were bullish about corporate earnings and a stimulus package from the new United States administration.

Australia's S&P/ASX 200 rose 0.8 per cent to 6,823.7, its highest since last February and buoyed by strong employment data.

South Korea's Kospi saw a gain of 1.49 per cent to 3,160.84, while the Shanghai Composite Index was 1.07 per cent higher at 3,621.26 points. Hong Kong's Hang Seng index dipped 0.12 per cent to 29,927.76 on profit-taking after five days of gains.

The FTSE Bursa Malaysia Kuala Lumpur Composite Index was down at 1,594.8 or 0.4 per cent lower, after its central bank left rates unchanged at 1.75 per cent.(see Amendment note)

Amendment note: A previous version of this article had the incorrect close for the KLCI.