Singapore stocks kick off week in the black, STI up 0.7%

LOCAL shares began the week on an upbeat note as investor sentiments were boosted by positive news about the Republic's vaccinations, as well the Federal Reserve's preference for a cautious approach towards tapering.

The benchmark Straits Times Index advanced 0.7 per cent or 21.34 points to finish Monday at 3,102.11. Advancers outpaced decliners 292 to 212, after 1.31 billion securities worth S$972.5 million changed hands.

It was a similar story across the region, with most markets rising on the back of cautious investor optimism. The KLCI gained 0.7 per cent while the Hang Seng Index and Nikkei 225 each added 0.5 per cent. The Kospi also advanced 0.3 per cent.

Oanda senior market analyst Jeffrey Halley said that while the return of investors' risk appetite is generally boosting markets in Asia, the Delta variant of the coronavirus might be a factor to watch closely.

"Markets at this stage are most nervous about the data showing increasing weakness as Delta disruptions mount against a seemingly never-ending background of government interventions in various sectors," he said.

On the local bourse, Jardine J36 Matheson Holdings was the top advancer. The stock rose 0.8 per cent or US$0.47 to close at US$56.30.

The trio of local lenders were also among the top gainers. DBS gained 1 per cent or S$0.30 to S$30.40; UOB U11 added 0.6 per cent or S$0.14 to S$25.82, while OCBC O39 rose 0.8 per cent or S$0.09 to S$11.64.

Tech play iFast AIY Corporation was the biggest loser on Monday, shedding 2 per cent or S$0.17 to S$8.30.

Jardine Cycle and Carriage C07 was another decliner, falling 0.8 per cent or S$0.16 to S$19.76.

Sembcorp Marine S51 was the most heavily traded counter on Monday, with some 103 million shares changing hands over the course of the day. The stock closed at 9 Singapore cents, down 2.2 per cent or 0.2 cent.

Other heavily traded counters were GSH BDX Corporation, Oceanus 579 Group and Hatten Land PH0 .