Regional key indices rebound on hopes of new US stimulus and Trump's recovery
AFTER a knee-jerk sell-off following news of President of the United States Donald Trump testing positive for the novel coronavirus last Friday, rationality returned to regional markets, with most rebounding on Monday.
The Straits Times Index followed suit, with a 21.12-point or 0.85 per cent rise to 2,517.23.
The top-performing key index in the region was the S&P/ASX 200 of Australia; it closed 2.59 per cent higher at 5,941.58 points, recording the biggest daily jump since July. Hong Kong, Seoul and Tokyo shares posted gains of over one per cent as well, as investors responded positively to Mr Trump showing signs of recovery and also holding out hopes for a new US stimulus package.
Hong Kong's Hang Seng Index closed 1.32 per cent higher at 23,767.78; South Korea's Kospi Index rose 1.29 per cent to 2,358 and Nikkei 225 index rose 1.23 per cent to end at 23,312.14.
The FTSE Bursa Malaysia Kuala Lumpur Composite Index clocked a 0.81 per cent gain to close at 1,512.43 points.
Mainland China is in the middle of its week-long Golden Week holiday, which ends on Oct 8.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
On the Singapore Exchange, Jardine Matheson Holdings shares rose by US$2.13 or 5.34 per cent to US$42.04, making it the best performing STI stock.
By contrast, Frasers Centrepoint Trust was one of the worst-performing securities, as the real estate investment trust (Reit) traded ex-rights and ex-dividend on Monday, shedding 3.09 per cent or7.42 cents to end at S$2.33.
The Reit recently closed a private placement at about 2.8 times subscribed and priced at the bottom end of the range, with the upsize option not exercised.
The heightened possibility of a highly-speculated offshore and marine merger with peer Keppel's unit kept trading interest in Sembcorp Marine afloat, making it one of the most active counters. However, Sembmarine shares were flat at S$0.148 on a trading volume of 40.39 million shares.
Advancers outnumbered decliners 225 to 182 for the day, with 1.09 billion securities worth S$992 million changing hands.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Why the yen is so weak and what that means for Japan
Europe: Stoxx ends lower as auto giants weigh; investors parse inflation data
US: Wall Street stocks fall as markets weigh strong wage data, Fed meeting
Japan may have spent 5.5 trillion yen on Apr 29 intervention, BOJ data suggests
Singapore stocks rise, tracking regional bourses; STI up 0.3%
Asia: Markets build on Wall Street rally, yen holds bounce