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US-China trade hopes send Singapore shares 1% higher on Monday

IT will be a busy week of economic data releases, but on Monday, markets fed off the growing optimism of a breakthrough in a trade deal between the US and China. This sent markets in Asia mostly higher.

In Singapore, the Straits Times Index added 30.68 points or 1 per cent to close at 3,251.08.

Trading on the Singapore bourse clocked in at about 1.42 billion securities worth S$1.23 billion in total changing hands or an average of S$0.87 per security. Gainers and losers were evenly matched at 232 to 223. 

Pennies saw heavy trading on the day with Swee Hong shares closing 0.1 Singapore cent or 16.7 per cent lower at 0.5 Singapore cent on 48 million shares traded. Meanwhile, South Korean entertainment producer Spackman Entertainment Group ended 0.2 Singapore cent or 8.7 per cent higher at 2.5 Singapore cents on 45 million shares traded.

Among STI constituents, casino operator Genting Singapore was the blue-chip index's most traded. It ended the session one Singapore cent or 1 per cent lower at S$1.02 with 37.3 million shares changing hands. 

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Among financials, DBS Group Holdings closed S$0.42 or 1.7 per cent higher at S$25.50, OCBC Bank added S$0.15 or 1.4 per cent to S$11.25, and United Overseas Bank gained S$0.27 or 1.1 per cent to close at S$25.27.

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