S'pore stocks kick off week in the black as traders shrug off concerns

Local shares began the trading week on a more upbeat note, as traders shrugged off concerns about the usual suspects such as inflation, pandemic-induced economic troubles and interest rates.

The benchmark Straits Times Index, or STI, ended up 0.26 per cent, or 8.37 points, at 3,238.92.

In the broader market, turnover came in at 1.7 billion securities worth $1.3 billion, after advancers outnumbered decliners 312 to 175.

Elsewhere in Asia, most markets ended higher. The Hang Seng Index rose 2.1 per cent, the Nikkei 225 was up 2.2 per cent, and the SSE Composite Index added 0.6 per cent. The Kospi was up 1.2 per cent, while the KLCI fell 0.2 per cent.

Mr Stephen Innes of SPI Asset Management said the extent to which global equity markets absorb and even embrace tighter monetary policy outside the United States largely depends on "how quickly China pulls out of its funk".

"Still, the possibility of mobility restrictions in the near future means investors must become more comfortable with stop-start economic cycles. For now, however, a weaker US dollar and a recovery in Asia's equities is a clear signpost the light at the end of the Covid-19 lockdown has turned a bit brighter," he said.

On the local bourse, Chinese electric vehicle maker Nio was the biggest advancer, gaining 8.6 per cent to US$17.28. Jardine Matheson Holdings was another top gainer, rising 2.2 per cent to US$59.

At the other end, Jardine Cycle & Carriage closed at $28.85 on an ex-dividend basis, down 1.8 per cent.

Other top decliners were Singtel, down 1.9 per cent to $2.65, and thinly traded Bukit Sembawang, which slipped 1.9 per cent to $5.08.

Sembcorp Marine was the most heavily traded counter, with about 304.3 million shares changing hands. The stock rose 4.4 per cent to close at 11.8 cents.

Other actively traded stocks included Dyna-Mac, Yangzijiang Shipbuilding and Singtel.