Bulls And Bears
S'pore shares rise on prospect of Russia-Ukraine peace pact
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Anita Gabriel
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STI climbs 0.75%; gainers beat losers 286 to 175
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Easing of S-E Asian travel curbs adds to optimism
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Key Asian markets post losses, except China and Taiwan
Singapore shares climbed higher yesterday as traders digested news at the weekend of a possible Russia-Ukraine peace pact, and sentiments were buoyed by an exuberant Wall Street session last Friday.
The key Straits Times Index extended last Friday's gains, finishing 0.75 per cent higher at 3,355.51.
"Stabilising stock markets point to less cautious investors - not because views on geopolitical or policy/rates risk have improved but because price action shows a market more tolerant of those challenges," said Mr Stephen Innes of SPI Asset Management.
Some optimism also stemmed from more South-east Asian nations easing travel requirements as the Covid-19 pandemic gradually shifts to an endemic stage - a potential boost for tourism in the region. The latest to ease travel rules are Indonesia and Thailand after Malaysia, the Philippines and Vietnam waived quarantine rules earlier.
Key Asian equity gauges were mixed, with Hong Kong, South Korea, Australia and Malaysia reporting losses while China and Taiwan closed higher. Markets in Japan were closed for a holiday.
Amid inflation concerns, the conflict in Eastern Europe and the emergence of the Deltacron coronavirus variant, global stocks have gained 0.6 per cent over the first three weeks of this month, with Asia-Pacific stocks declining 1.9 per cent, said Singapore Exchange market strategist Geoff Howie.
Turnover in the local bourse came in at 1.73 billion units worth $1.55 billion. Gainers outpaced losers, with 286 counters up and 175 counters down.
Asia-Pacific Strategic Investments was the day's second most active, with 164 million shares changing hands.
The real estate developer said last Friday that it has inked a non-binding pact to acquire personal financial marketplace MoneySmart for nearly US$162 million (S$220 million) via a reverse takeover.
