STI inches up in tandem with region's upbeat sentiment

Singapore stocks rose yesterday, tracking positive investor sentiment across other markets in the Asia-Pacific. The benchmark Straits Times Index (STI) advanced 0.4 per cent or 14.09 points to close at 3,364.26.

The improving backdrop also came after Singapore and Malaysia yesterday agreed to work together towards a full resumption of air and land travel for fully vaccinated people, according to Health Minister Ong Ye Kung.

Mr Ong, in Putrajaya for a working visit, announced this on his Facebook page after meeting his Malaysian counterpart Khairy Jamaluddin and director-general of health Noor Hisham Abdullah.

Elsewhere, major indices in Japan, Hong Kong, South Korea and Australia also ended the day higher, climbing 0.5 per cent to 3 per cent following overnight gains on Wall Street on Tuesday.

Oanda senior market analyst Jeffrey Halley said bullish investors dominated overnight trading in the US and key markets such as Japan yesterday, "as they wishfully priced there was no more bad news to come from Eastern Europe or the (US Federal Reserve)".

However, he added that more volatility was expected, with several US Fed officials scheduled to speak yesterday. He noted that with US President Joe Biden in Europe, an announcement of more sanctions could spark volatility.

On the local bourse, Jardine Matheson ended the day as the top STI gainer, climbing 6.4 per cent to close at US$58.17. Singtel shares fell 0.8 per cent to close at $2.57, finishing at the bottom of the index performance table.

Across the broader market, gainers outnumbered losers 292 to 186 after 1.6 billion securities worth $1.4 billion changed hands.

Mapletree North Asia Commercial Trust was the most actively traded counter by volume, closing 0.8 per cent higher at $1.23, with 59.4 million units worth $72.5 million changing hands.