STI ends 4-day losing streak as region posts modest gains

Local shares bucked four straight sessions of decline to join other regional bourses in chalking up modest gains yesterday.

There were initial fears that outgoing President Donald Trump might veto the Bill for coronavirus relief in the United States, but investors shrugged off those concerns to lift the Straits Times Index (STI) 0.22 per cent, or 6.08 points, to 2,833.4 points.

Gainers outnumbered losers 226 to 192, although on a much lower transaction value of $826 million for 1.26 billion shares.

South Korea's Kospi Index was up 0.96 per cent, thanks to an almost 30 per cent spike in LG Electronics' share price.

Malaysian stocks logged a 0.95 per cent rise, Hong Kong's Hang Seng Index rose 0.86 per cent, while the Shanghai Composite Index added 0.76 per cent.

Australia's S&P/ASX 200 rose 0.66 per cent as New South Wales relaxed some Covid-19 restrictions for Christmas on low new infection numbers.

Japan's Nikkei 225 Index climbed 0.33 per cent as investors went bargain-hunting.

Keppel Corp was among the STI's top performers, registering a 1.32 per cent rise to $5.37. It stands to pocket a gain of $14.6 million from a proposed divestment of Keppel Bay Tower to Keppel Reit.

Malaysia-based glovemaker Riverstone lost some of the gains it made a day ago as it shed 3.36 per cent to close at $1.15.

The most heavily traded counter was Asian Micro, with 100.9 million shares changing hands. It closed 75 per cent, or 0.3 cent, higher at 0.7 cent.

The service provider of contract engineering assemblies and other support services to high-tech industries is also invested in businesses related to natural gas vehicles.