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Singapore shares gain 0.7% on Monday as risk-on sentiment returns
Risk-on sentiment in the region was alive and kicking on Monday with the local market being no exception.
Singapore's Straits Times Index (STI) closed at 3,188.11, up 21.82 points or 0.7 per cent.
Investors were buoyed by US President Donald Trump suspending tariff plans on Mexico, weak US job data on Friday that has raised the possibility of US Federal Reserve rate cuts and Chinese export data coming in above expectations.
In Singapore, trading volume clocked in at 1.10 billion securities, 90 per cent daily average in the first four months of 2019. Total turnover came to S$1.04 billion, in line with the January-to-April daily average.
Across the market, advancers outpaced decliners 264 to 134. The benchmark index fared better, having 5 of its 30 components in the red.
Genting Singapore was the benchmark index's most traded stock, with 47.3 million shares changing hands. The casino operator added 1.5 Singapore cent or 1.7 per cent to close at 88 Singapore cents.
The local banks were in the black. DBS Group Holdings ended S$0.13 or 0.5 per cent higher at S$24.52. Meanwhile, OCBC Bank closed S$0.09 or 0.8 per cent up at S$10.73 and United Overseas Bank closed at $24.38, adding S$0.15 or 0.6 per cent higher.
CITY Developments Limited (CDL) shares got a sprightly start to the week, adding S$0.50 or 5.9 per cent to S$8.97 on its renewed offer for all remaining shares in London-listed subsidiary Millennium & Copthorne hotels (M&C).
In line with the day's risk-on mood, local tech stocks, which faced sell-offs after US President Donald Trump's trade war with China went tech, made strong gains on Monday
Venture Corporation added S$0.31 or two per cent to S$15.70. Among non-STI tech counters, AEM Holdings surged S$0.08 or 9.3 per cent up at S$0.945, and Hi-P International S$0.08 or 6.6 per cent up at S$1.29.
Traders noted that such counters were heavily sold off last month and that are going through a technical rebound.
Monday's session also saw the resumption of trading on the Catalist board for Revez Corporation, formerly Jason Holdings after a trade suspension dating back to Jan 14, 2016. Revez closed at 14.8 Singapore cents with 1.8 million shares changing hands.