Singapore stocks end week higher alongside regional markets; STI up 0.4%

NEWS of an S$800 million support package being rolled out for firms and individuals affected by the Republic's Phase 2 (Heightened Alert) appeared to have a positive knock-on impact on investor sentiment on Friday, as local shares ended the week on an cheery note.

The benchmark Straits Times Index (STI) rose 0.4 per cent or 13.73 points to close on Friday at 3,178.55. Advancers outnumbered decliners 310 to 191, after 1.86 billion securities worth some S$1.73 billion changed hands.

Across the region, most markets ended the week in the black. The KLCI inched up 0.03 per cent; the Nikkei 225 added 2.1 per cent, while the Hang Seng Index gained 0.04 per cent. The Kospi and Jakarta Composite Index rose 0.7 per cent and 0.1 per cent respectively.

Oanda senior market analyst Jeffrey Halley noted that US President Joe Biden is envisaging a US$1.8 trillion deficit next year, after tax rises. This, he said, could have boosted investor sentiment in the region.

"Of course, what the president would like, and what he will get from Congress could be quite different; but with that level of spending, Asia appears to feel that some of that goody bag will fall their way, and Asian equity markets have risen today," he added.

Over at Wall Street, however, Thursday's trading session produced a mixed bag of results. The Dow Jones Industrial Average gained 0.4 per cent, while the S&P 500 rose 0.1 per cent. Nasdaq, however, fell 0.01 per cent.

On the local bourse, iFast Corporation was the biggest gainer. The counter added 5.7 per cent or S$0.46 to close at S$8.49.

The trio of lenders were also among the biggest advancers on Friday. DBS added 1.2 per cent or S$0.35 to S$30.41; UOB rose 1 per cent or S$0.27 to S$26.28, while OCBC gained 0.8 per cent or S$0.10 to S$12.50.

Another notable advancer was Southern Alliance Mining. The counter gained 6.7 per cent or S$0.06 to close at S$0.96, after emerging the biggest decliner on the bourse for the two consecutive trading sessions on Tuesday and Thursday.

On the other end of the spectrum, Haw Par Corporation was the biggest loser of the day, shedding 2.5 per cent or S$0.34 to S$13.46.

Singapore Exchange was another decliner. The counter ended Friday at S$10.39, down 1.4 per cent or S$0.15.

Jiutian Chemical was the most heavily traded stock for the day. The counter closed flat at 9.9 Singapore cents, after some 60.5 million shares changed hands.