BullsAndBears

Singapore stocks upbeat despite tightened Covid-19 measures

• Gainers outpace losers 262 to 213 on the Straits Times Index

• CapitaLand Investment shares up 7% to be day's top performer

• Yangzijiang Shipbuilding most active counter 

Singapore shares rose yesterday even as tightened Covid-19 measures to keep the number of daily infections under control took effect. The local blue chip benchmark ended up 1.27 per cent or 38.95 points at 3,100.30.

Gainers outpaced losers 262 to 213, with 1.31 billion securities worth $1.24 billion changing hands.

IG market strategist Yeap Jun Rong said that while the manufacturing sector may remain resilient as seen from previous phases of restrictions, the service sector may come under pressure due to the current Covid-19 curbs. "That said, previous business adjustments and softer tightening compared with past restriction phases may aid to reduce some impact," he added.

Among the Straits Times Index's (STI) constituents, CapitaLand Investment emerged as the top performer for the day, with shares gaining 7 per cent or 23 cents to $3.53.

The three local banks were also among top-performing counters, following an announcement by the Monetary Authority of Singapore and Bank Negara Malaysia that plans are under way to start a phased linkage of Singapore's PayNow and Malaysia's DuitNow real-time payment systems.

At the bottom of the table was ComfortDelGro, which fell 2.6 per cent or four cents to $1.52.

Yangzijiang Shipbuilding was the most active counter on the blue-chip index with over 37 million shares changing hands. Its shares ended down 2.1 per cent or three cents to $1.40.

Hong Kong stocks closed yesterday with small gains, though well off the morning's highs as investors fret over Chinese property giant Evergrande's crisis. The Hang Seng Index added 0.07 per cent, or 16.62 points, to 24,208.78.

The Shanghai Composite Index fell 0.84 per cent, or 30.24 points, to 3,582.83, while the Shenzhen Composite Index on China's second exchange sank 1.14 per cent, or 27.68 points, to 2,406.56.

A version of this article appeared in the print edition of The Straits Times on September 28, 2021, with the headline 'Singapore stocks upbeat despite tightened Covid-19 measures'. Subscribe