Singapore stocks end higher even as China’s Covid-19 curbs continue; STI up 0.4%

SINGAPORE shares closed higher on Monday (Nov 7), even as China’s decision over the weekend to stick to its zero-Covid policy dampened investor sentiment.

The Straits Times Index (STI) gained 11.2 points or 0.4 per cent to close at 3,141.31.

In the broader Singapore market, gainers outnumbered losers 322 to 233, with 1.62 billion shares worth S$1.11 billion traded.

IG market strategist Yeap Jun Rong noted that the late-day swing in US indices to close in positive territory last Friday (Nov 4) had provided “a positive backdrop” for the Asia session.

However, the optimism was mostly cancelled out as China’s National Health Commission snuffed out recent hopes of a reopening.

“With (China’s) virus cases still at its six-month high over the weekend, it seems unlikely that we will be getting significant reopening adjustments in the near term, other than just some minor tweaks at best,” Yeap said.

The top performer on Singapore’s benchmark index was Venture Corporation, after the technology company last Friday (Nov 4) reported a 26.4 per cent rise in earnings for the third quarter ended September, on the back of broad-based revenue growth. Shares of Venture Corp closed 4.3 per cent or S$0.70 higher at S$16.83 on Monday.

At the bottom of the table among the index constituents was data centre-focused Keppel DC Reit, which lost 2.8 per cent or S$0.05 to close at S$1.71.

Meanwhile, Thai Beverage was the most heavily traded STI counter, with 38.8 million shares changing hands. Shares of ThaiBev closed 3.5 per cent or S$0.02 higher at S$0.60.

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The trio of local banks were mixed. DBS dipped 0.1 per cent or S$0.04 to S$34.43, while UOB gained 0.4 per cent or S$0.10 to S$28.50 and OCBC rose 0.7 per cent or S$0.08 to end at S$12.12.

Other key Asian markets also finished higher. China’s Shanghai Composite Index edged up 0.2 per cent, while Hong Kong’s Hang Seng Index jumped 2.7 per cent, Japan’s Nikkei 225 climbed 1.2 per cent, South Korea’s Kospi rose 1 per cent and the FTSE Bursa Malaysia KLCI added 0.3 per cent.