STI inches up amid upbeat data, move to ease Covid-19 measures

Optimism surrounding moves to ease Covid-19 measures here plus a promising set of economic numbers spurred local investors to send shares higher yesterday.

The benchmark Straits Times Index (STI) climbed 0.1 per cent or 2.27 points on the better mood to close at 3,441.57, the highest since June 2018. This follows news that the Government is simplifying some Covid-19 rules and opening travel lanes with more countries.

Meanwhile, economic data out yesterday showed that the Singapore economy grew 7.6 per cent year on year in 2021 thanks to a better fourth quarter, higher than an earlier estimate of 7.2 per cent.

IG market strategist Yeap Jun Rong said: "Overall, the economic outlook remains positive, with resilient demand from our trading partners such as China and the US, along with further economic reopening in the region as Covid-19 risks abate."

The STI upward trend remains intact for now with a series of higher highs and higher lows since December, he added. "Further upside may put the 3,600 level on watch as resistance to overcome."

Sembcorp Industries shares surged 3.6 per cent to close at $2.58, ending as the day's top STI gainer, and extending its lead as the top index performer for this year.

Venture Corp was the top decliner on the index, falling 1.7 per cent to $18.20.

Across the broader market, gainers outnumbered losers 260 to 207 after 1.2 billion shares worth $1.6 billion changed hands.

CapitaLand Integrated Commercial Trust was among the top five actively traded counters by value, with units worth $81.5 million changing hands. The counter closed at $2.13, up 1.4 per cent.

Elsewhere in Asia, most markets closed higher, with key indexes in Hong Kong, Shanghai, South Korea and Malaysia rising 0.1 to 0.5 per cent. Australian shares added just 0.2 per cent.