STI up nearly 1% over the week

DESPITE the extension of the stabilisation phase to keep the Covid outbreak under control, Singapore key stock index Straits Times Index (STI) has been relatively resilient. The barometer may likely scale higher by regional performance, as an analyst has observed.

The STI rose 16.64 points or 0.52 per cent to 3,205.14 points on Oct 22, or 0.98 per cent higher over the week.

Yeap Jun Rong, IG market strategist, said the gauge has been relatively resilient since the announcement of the restrictions to tackle the pandemic will be extended, suggesting that investors are buying into the endemic stance of the economy. Hence, performance in the region may likely drive the index as it hovers near its five-month high.

Raffles Education NR7 has experienced a roller-coaster week, with the shares of the private education service provider ending 16.39 per cent higher at S$0.071. Its trading halt was lifted on Oct 22 following the announcement a day before that its directors had assisted with the authorities in an investigation into a suspected breach of disclosure requirements under the Securities and Futures Act.

Its shares plunged 25.6 per cent to a low of S$0.061 earlier in the week on Oct 18. Substantial shareholder and tycoon Oei Hong Leong disclosed the following day that he had sold down his stake in the company from 10.16 per cent to 7.34 per cent.

Carrier Singapore Airlines C6L (SIA) may benefit from Australia's reopening of its borders to returning citizens, with its shares rising 1.15 per cent to S$5.30 at market close. Australia on Oct 21 announced that a quarantine-free travel plan with Singapore is close to taking off, although the Singapore government has not provided any details.

Losers trailed gainers 202 to 262 on the broader market, with a turnover of 1.44 billion securities worth a total S$826.77 million.

Markets in Asia were mixed.