STI snaps 4-day losing streak, up 0.22% in line with key regional indexes

THE Straits Times Index (STI) managed to eke out a gain of 0.22 per cent or 6.08 points to 2,833.4 points on Wednesday, bucking four straight trading sessions of decline.

The gauge's performance was in line with regional key indexes as these bourses shrugged off concerns that outgoing United States President Donald Trump might veto the bill for coronavirus relief.

The STI paled in comparison to the gains made on its peer indexes, however.

South Korea's Kospi Index was up 0.96 per cent - the biggest daily gain in two weeks - to 2,759.82 points, thanks to an almost 30 per cent spike in LG Electronics share price.

The FTSE Bursa Malaysia Kuala Lumpur Composite Index logged a 0.95 per cent gain to 1,647.50 points. Hong Kong's Hang Seng Index was 0.86 per cent higher at 26,343.10 while neighbouring Shanghai Composite Index added 0.76 per cent to 3,382.32.

Australia's S&P/ASX 200 rose by 0.66 per cent to 6,643.1 points after New South Wales relaxed some Covid-19 restrictions for upcoming Christmas on low new case numbers. Japan's Nikkei 225 Index climbed 0.33 per cent to 26,524.79, as investors went bargain hunting.

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Over in Singapore, gainers outnumbered decliners 226 to 192 on the broader market, though on a much lower transaction value of S$826 million for 1.26 billion securities.

Keppel Corporation was among STI top performers, having registered a 1.32 per cent gain to S$5.37. The conglomerate stands to pocket a gain of S$14.6 million from a proposed divestment of Keppel Bay Tower to Keppel Reit (real estate investment trust).

Riverstone lost some of its gains made a day ago as the Malaysia-based glove-maker shed 3.36 per cent to close at S$1.15.

The most heavily traded counter was Asian Micro with 100.9 million shares changed hands, closing 75 per cent or 0.3 Singapore cent higher at 0.7 Singapore cent. The service provider of contract engineering assemblies and other support services to high technology industries is also invested in natural gas vehicle related businesses.