SINGAPORE (THE BUSINESS TIMES) - Investor sentiment lifted across the region on Thursday in the wake of United States President Joe Biden's US$1.9 trillion (S$2.5 trillion) stimulus Bill getting the green light from Congress.
The buoyant mood sent the benchmark Straits Times Index (STI) up 0.85 per cent, or 26.29 points, to 3,106.01, with gainers outnumbering losers 306 to 170 on trade of 2.41 billion shares worth $1.85 billion.
Thai Beverage emerged at the top of the table among the 30 STI constituents, gaining 3.4 per cent to 76 cents. Mapletree Commercial Trust was next, increasing 3 per cent to $2.05.
Other Singapore real estate investment trusts (S-Reits) also made gains.
Mapletree Industrial Trust closed 1.59 per cent higher, CapitaLand Integrated Commercial Trust added 1.44 per cent, Ascendas Reit put on 1.4 per cent while Mapletree Logistics Trust advanced 1.12 per cent.
Singapore Exchange market strategist Geoff Howie said: "As opposed to the first two days of the week, the past two days saw the S-Reits also take hold of a bid tone on the stabilisation seen in US Treasury 10-year yields."
Meanwhile, Singtel ended up at the bottom of the index, declining 0.84 per cent to $2.36.
Elsewhere, the Nikkei 225 Index closed up 0.6 per cent, while the benchmark Kospi in South Korea gained 1.88 per cent.
Similarly, in the Chinese markets, the Hang Seng Index rose 1.65 per cent and the Shanghai Composite closed up 2.36 per cent.
Mr Stephen Innes, chief global market strategist at Axi, said: "The benign US inflation data and the US$1.9 trillion US stimulus package approved by Congress pacified markets, and an incredibly supportive risk tone has emerged as investors seem more than happy to get that inflation monkey off their back, even if it's only a temporary respite."