November 28, 2020

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Singapore Stock Market May Add To Its Winnings

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The Singapore stock market has moved higher in two straight sessions, advancing more than 70 points or 2.8 percent along the way. The Straits Times Index now rests just beneath the 2,850-point plateau and it may extend its gains on Tuesday.

The global forecast for the Asian markets is upbeat on Covid-19 vaccine optimism. The European markets were slightly lower and the U.S. bourses were higher and the Asian markets figure to at least open in the green, although some profit taking may occur as the session progresses.

The STI finished sharply higher on Monday following gains from the financial shares, property stocks and industrials.

For the day, the index gained 35.77 points or 1.27 percent to finish at 2,848.78 after trading between 2,825.83 and 2,852.27. Volume was 5.20 billion shares worth 1.63 billion Singapore dollars. There were 331 gainers and 149 decliners.

Among the actives, CapitaLand surged 2.30 percent, SATS plunged 2.16 percent, SingTel soared 2.07 percent, City Developments spiked 1.94 percent, DBS Group accelerated 1.91 percent, Keppel Corp rallied 1.75 percent, Singapore Press holdings tumbled 1.60 percent, United Overseas Bank jumped 1.54 percent, Oversea-Chinese Banking Corporation collected 1.51 percent, Wilmar international gathered 1.40 percent, Singapore Technologies Engineering perked 1.28 percent, Singapore Exchange advanced 1.10 percent, Yangzijiang Shipbuilding added 1.08 percent, CapitaLand Integrated Commercial Trust gained 1.01 percent, Ascendas REIT rose 1.00 percent, Mapletree Commercial Trust added 0.99 percent, Genting Singapore gained 0.60 percent, SembCorp Industries rose 0.58 percent, Mapletree Logistics Trust increased 0.51 percent, Singapore Airlines fell 0.49 percent and Hongkong Land Holdings, Thai Beverage, CapitaLand Commercial Trust and Comfort DelGro were unchanged.

The lead from Wall Street is positive as stocks opened higher on Monday and remained mostly in the green throughout the day, offsetting losses from the previous session.

The Dow soared 327.79 points or 1.12 percent to finish at 29,591.27, while the NASDAQ added 25.66 points or 0.22 percent to end at 11,880.63 and the S&P 500 rose 20.05 points or 0.56 percent to close at 3,577.59.

The strength on Wall followed additional upbeat news regarding a potential Covid-19 vaccine after AstraZeneca (AZN) said its vaccine candidate being developed in collaboration with Oxford University had an average efficacy of 70 percent.

Adding to the positive sentiment, the FDA has granted an emergency use authorization for Regeneron’s Covid-19 antibody treatment.

Crude oil prices moved higher on Monday on optimism that OPEC and other oil producers may extend the curb on crude production by another few months. West Texas Intermediate Crude oil futures for January ended up $0.64 or 1.5 percent at $43.06 a barrel.

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2020-11-23 19:00:08


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