Singapore shares snap losing streak to rise on Thursday; STI up 0.6%

SINGAPORE shares snapped a four-day losing streak on Thursday to close higher, in line with gains across most of the region.

The benchmark Straits Times Index (STI) rose 0.6 per cent or 19.41 points on Thursday to close at 3,173.00.

Jeffrey Halley, senior market analyst at Oanda, noted that Singapore shares had risen amid the community Covid-19 situation appearing to stabilise, with the new social restrictions taken quickly in their stride.

"More likely, though, is that dip-buyers have appeared after a few negative sessions," he added.

Leading the STI gainers on Thursday was Yangzijiang Shipbuilding, which gained 4.1 per cent or S$0.06 to close at S$1.52, its highest since July 2019. The counter was also the most actively traded in terms of value, with 101.7 million shares worth S$154.2 million changing hands.

Other top gainers for the day include Singtel and OCBC, which climbed 1.7 and 1.6 per cent respectively. Nearly two-thirds of the STI counters closed higher on Thursday.

Finishing at the bottom of the performance table for Thursday was Keppel DC Reit, which fell 1.5 per cent or S$0.04 to close at S$2.62.

Across the broader market, gainers outnumbered losers 283 to 172 after 1.79 billion shares worth S$1.43 billion changed hands.

Elsewhere in Asia, markets mostly closed higher. Japan's Nikkei 225 rose 1.8 per cent while South Korea's Kospi climbed one per cent, as investors returned from holidays. The Hang Seng Index in Hong Kong also climbed 0.8 per cent, while the KLCI in Malaysia rose 0.2 per cent.

Bucking the trend were shares in China, with the Shanghai Composite slipping 0.2 per cent.