Bulls And Bears

STI breaches 3,000 mark as Biden inauguration lifts indexes

  • Benchmark up 0.61%; decliners outnumber gainers 274 to 228
  • Oceanus the most active counter, but closes down 4.08%
  • Nikkei, Kospi, Shanghai see gains; Hang Seng, KL end lower

Global equity markets cheered the swearing-in of United States President Joe Biden, as many key regional indexes ended trading yesterday with gains.

The benchmark Straits Times Index (STI) breached the 3,000 mark and closed at 3,017.15 points, up 18.38 points, or 0.61 per cent.

Oceanus Group's shares traded at a volume of 583.5 million, accounting for about 16 per cent of the total trades on the market, making it the most active counter.

The share price, however, had a bumpy ride, as it surged 8.2 per cent within an hour of the opening bell.

Bourse operator Singapore Exchange fired a query to the watch-listed seafood and fast-moving consumer goods value chain manager.

But the counter did not manage to sustain the momentum, and closed 4.08 per cent lower instead, at 4.7 cents.

Agribusiness group Wilmar International was among the better-performing index stocks, notching a gain of 2.43 per cent to $5.47.

Given the company's successful brand and a decade of investments in its distribution channels and production facilities, DBS Group Research thinks Wilmar deserves a higher valuation multiple than its crude palm oil peers.

CapitaLand Integrated Commercial Trust reported negative rental reversions of 6.6 per cent yesterday, resulting in the real estate investment trust coming in at the bottom of the STI performance tally.

The counter dipped 2.13 per cent to close at $2.30.

Decliners outnumbered advancers on the broader market at 274 to 228, as 3.75 billion securities worth $1.5 billion were transacted.

Key regional markets saw their indexes make their way up.

Japan's Nikkei 225 was 0.82 per cent higher at 28,756.86 - the highest close in 30 years.

South Korea's Kospi saw a gain of 1.49 per cent to 3,160.84, while the Shanghai Composite Index was 1.07 per cent higher at 3,621.26 points.

Hong Kong's Hang Seng Index was down at 29,927.76, or 0.12 per cent lower, on profit-taking after five days of gains.

The FTSE Bursa Malaysia KLCI dipped 0.42 per cent to 1,594.80.

A version of this article appeared in the print edition of The Straits Times on January 22, 2021, with the headline 'STI breaches 3,000 mark as Biden inauguration lifts indexes'. Subscribe