Singapore stocks end higher amid mixed regional showing

Singapore shares closed higher amid a mixed showing in the region, with the Straits Times Index (STI) climbing 0.5 per cent to end at 3,431.99.

Gainers beat losers 271 to 176, with 1.83 billion shares worth $1.42 billion changing hands.

But a worsening Covid-19 situation in China and wider restrictions there could bring "serious headwinds" for Asian equities as a whole, cautioned Oanda senior analyst Jeffrey Halley. Chinese authorities announced over the weekend that Shanghai would enter a phased lockdown as asymptomatic cases surge.

Yesterday, Japan's Nikkei 225 lost 0.7 per cent, South Korea's Kospi dipped 0.02 per cent, while Hong Kong's Hang Seng Index rose 1.3 per cent. The Kuala Lumpur Composite Index was down 0.3 per cent, while the Jakarta Composite Index rose 0.7 per cent.

In-flight caterer and ground handler Sats was the best constituent performer on the STI, gaining 3.3 per cent to end at $4.38.

Yangzijiang Shipbuilding was the most actively traded counter on the index, with 55.8 million shares worth $83.6 million changing hands. It was also the second-biggest gainer, closing 2.1 per cent higher at $1.49.

Jardine Matheson was the biggest loser, shedding 2.5 per cent to close at US$57.46.

In Hong Kong, shares of Chinese food delivery giant Meituan surged as much as 14 per cent after its fourth-quarter results impressed analysts.

The stock snapped a two-day loss and was the best performer on the Hang Seng Tech Index yesterday.

The firm reported a net loss of 5.3 billion yuan (S$1.1 billion) for the October-to-December quarter, versus the 7.2 billion yuan projected by analysts. Revenue rose 31 per cent - the slowest in more than a year - to 49.5 billion yuan, meeting estimates.

Meituan is one of the Chinese technology giants that are navigating a severe regulatory crackdown from the authorities in Beijing.