Singapore shares track Wall Street to end higher

Singapore shares closed higher yesterday, tracking the better showing on Wall Street, with the Straits Times Index (STI) rising 0.65 per cent to 3,107.62 points.

Gainers beat losers 291 to 187 on the broader market, with 1.22 billion securities with a total market value of $1.1 billion traded.

Yangzijiang Shipbuilding closed 8.11 per cent higher at $1.60, reaching a 52-week peak and emerging as the best STI performer yesterday, on news that the world's third-largest container port, in Ningbo in China, has resumed operations.

The counter was also the top-traded stock, with over 112 million shares changing hands. The China-based shipbuilder reported record-high orders worth US$6.67 billion (S$9 billion) for 112 vessels secured as at early this month.

At the bottom was Genting Singapore, as the likelihood of it getting a licence to operate an integrated resort with gaming element in Yokohama fell after an anti-casino campaigner won the mayoral election in the Japanese city on Sunday.

This prompted some analysts to downgrade the stock.

The gaming counter dropped 1.26 per cent to 78.5 cents.

Other Asian markets have also rallied. Japan's Nikkei 225 rose 0.87 per cent. The Shanghai Composite Index climbed 1.07 per cent, while Hong Kong's Hang Seng Index closed 2.46 per cent higher.

South Korea's Kospi rose 1.56 per cent, and the Kuala Lumpur Composite Index was up 2.03 per cent.

Australia's S&P/ASX 200 closed 0.17 per cent higher.

DailyFX strategist Margaret Yang said in a note, referring to the Australian benchmark: "The overall trend remains bullish-biased, as suggested by the consecutive higher highs and higher lows formed over the past few months."

CommSec market analyst Steven Daghlian said even with talk of reopening, the market is still cautious as Covid-19 continues to spread.

• Additional reporting by Reuters