Singapore shares advance with most regional peers, STI up 0.88%

p>SINGAPORE shares advanced with most regional peers on Friday following a phone call between Chinese President Xi Jinping and US President Joe Biden, which signalled the possibility of tension simmering between the world's two largest economies.

The benchmark Straits Times Index (STI) *STI closed 0.88 per cent or 27.10 points higher at 3,098.80.

The phone call had eased some of the negative sentiment that dominated the US session, according to Jeffrey Halley, senior market analyst for the Asia-Pacific at Oanda.

"That is ostensibly good for trade everywhere, and spurred a decent rally in stocks across Asia," he said.

With the exception of the Kuala Lumpur Composite Index which dipped 0.18 per cent, key benchmarks in the region ended in the black. Hong Kong's Hang Seng Index led the advance, gaining 1.91 per cent as tech heavyweights rebounded.

Japan's Nikkei 225 edged up 1.25 per cent; Seoul's Kospi was up 0.36 per cent while the Jakarta Composite Index ended the day 0.44 per cent higher.

Across the Singapore market, advancers outpaced decliners 299 to 171, after 1.34 billion securities worth S$1.19 billion changed hands.

Real estate investment trusts Mapletree Commercial Trust (MCT), Mapletree Logistics Trust (MLT) and Mapletree Industrial Trust (MIT) led the gains on the blue-chip index.

MCT N2IU gained 2.5 per cent or S$0.05 to S$2.08; MLT M44U was up 2 per cent or S$0.04 to S$2.09 while MIT ME8U gained 1.8 per cent or S$0.05 to S$2.88.

At the bottom of the table was Jardine Cycle & Carriage C07 which fell 1.2 per cent or S$0.25 to S$20.06.

Singtel Z74 was the most heavily traded on the STI with over 52 million shares changing hands. Its shares ended at S$2.40, up 1.3 per cent or S$0.03.

The trio of local banks ended the day higher. OCBC O39 was up 1.4 per cent or S$0.16 to S$11.76; UOB U11 gained 1.1 per cent or S$0.29 to S$25.74 while DBS D05 ended at S$30.44, 0.7 per cent or S$0.20 higher.