STI up 1.1% after further easing of Covid-19 restrictions

Singapore stocks were up on Thursday (March 24) after the government announced loosened Covid-19 restrictions.

The Straits Times Index (STI) climbed 1.1 per cent or 35.44 to close at 3,399.70. Across the wider market, 1.86 billion shares worth S$1.65 billion were traded, with gainers beating losers 297 to 165.

In a flash report, Citi analysts said that the news should revive investor excitement in so-called "reopening plays" after the government announced the easing of Covid-19 restrictions.

They noted that mobility plays like SATS S58 , Singapore Airlines C6L and ComfortDelgro C52 , leisure and tourism plays like Genting Singapore G13 and Far East Hospitality Trust Q5T as well as commercial and office real estate investment trusts (Reits) like CapitaLand Integrated Commercial Trust C38U and Keppel Reit K71U could see stronger investor interest.

Notably, Singapore Airlines was the most traded counter on the local bourse, climbing 4.3 per cent or S$0.22 to close at S$5.40 after 33.3 million shares worth S$177.7 million changed hands.

SATS topped the STI, climbing 5 per cent or S$0.20 to close at S$4.17.

The trio of banks were also in the black on Thursday. DBS D05 climbed 1.3 per cent or S$0.46 to close at S$35.64 while OCBC O39 rose 0.8 per cent or S$0.10 to close at S$12.30 and UOB U11 gained 0.4 per cent or S$0.13 to close at S$32.03.

Across the region, market indices were mixed on Thursday. South Korea's Kospi was down 0.2 per cent while Hong Kong's Hang Seng Index fell 0.9 per cent. Japan's Nikkei 225 was up 0.3 per cent while the Jakarta Composite Index rose 0.8 per cent and the Kuala Lumpur Composite Index edged up 0.1 per cent.