SINGAPORE (THE BUSINESS TIMES) - Singapore's benchmark Straits Times Index recorded its fourth straight day of gains on Thursday (Jan 7), gaining 43.96 points or 1.54 per cent to 2,906.97, shrugging off news of violence in the US Capitol as protesters tried to overturn the election results.

In fact, Asian equities appeared to be powering higher on a Democratic win in Washington. The Shanghai Composite Index added 0.71 per cent, Japan's Nikkei 225 gained 1.6 per cent, and Malaysia's KLCI added 0.69 per cent. Only the Hang Seng Index lost ground, retreating 0.52 per cent.

On Singapore's bourse, some 2.38 billion securities worth $1.79 billion changed hands, with advancers outnumbering decliners 314 to 184.

Top index performer Singtel added $0.10 or 4.35 per cent to $2.40, on a trading volume of 69 million shares, which Bloomberg data suggested could already be in overbought territory.

The telco is on several brokerages' lists of stocks to buy, as it is expected to grow its earnings in the next few years in line with Singapore's post-Covid recovery, under its new organisation structure headed by new group chief executive Yuen Kuan Moon.

Property landlord and developer Hongkong Land, which had topped the index on Tuesday, was the worst performer, giving up gains made in the last two days to finish US$0.08 or 1.86 per cent lower at US$4.23.

For the fourth consecutive day, the most active counter was Sembcorp Marine. It gained $0.003 or 1.85 per cent to $0.165, on a volume of 308.8 million.

This came as oil prices continued to hold up, supported by anticipated US "Blue Wave" stimulus effects and a surprise announcement by Saudi Arabia of a voluntary one-million-barrel production cut for February and March, Axi chief global market strategist Stephen Innes said.