STI slips amid concerns over global resurgence in Covid-19 cases

SINGAPORE (THE BUSINESS TIMES) - The Straits Times Index (STI) slid 0.09 per cent on Monday (Dec 21), in tandem with most of Asia-Pacific key equity benchmarks, on the back of concerns over a resurgence in coronavirus cases.

These gauges slipped in spite of a tentative agreement on a fresh US$900 billion relief package in the United States.

Hong Kong's Hang Seng Index was 0.72 per cent lower while the FTSE Bursa Malaysia Kuala Lumpur Composite Index dropped 0.28 per cent.

Japan's Nikkei 225 Index declined 0.18 per cent, as investors weighed rising coronavirus infections against new relief packages in Japan and the United States.

The same concerns weighed on Australia's S&P/ASX 200, which slipped 0.08 per cent, amid rising Covid-19 cases in Sydney.

The bright spots were the Shanghai Composite Index - having registered a 0.76 per cent gain - and South Korea's Kospi Index which was up 0.23 per cent, boosted by strong performance from its biopharmaceutical stocks.

In Singapore, Wilmar International had in the past week paid S$6.8 million to repurchase 1.62 million of its own shares in the agribusiness group, continuing its buyback spree that started in November. The mainboard-listed stock rose 0.92 per cent to S$4.40.

Tianjin Zhong Xin, which had its trading halt lifted on Monday morning, declined 16.1 per cent to US$0.915, following its Sunday announcement that 67 per cent stake in its controlling shareholder Tianjin Pharmaceutical Holdings will be acquired by another company for an undisclosed sum.

The most heavily traded counter was the watch-listed seafood and fast-moving consumer goods value chain manager Oceanus Group, with 108.9 million shares changed hands. The stock ended trading at 2.6 Singapore cents, up 4 per cent.

Decliners outnumbered gainers 269 to 174, with 1.34 billion securities worth S$1.14 billion traded.