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STI dips 0.2% on lack of market-moving news

Local shares drifted by means of most of the session yesterday within the absence of vital market-moving developments.

The benchmark Straits Times Index (STI) ended the day largely unchanged at 2,618.48, down 5.19 factors or 0.2 per cent.

The 30 STI parts had been effectively dispersed, with 12 ending increased, 12 decrease and 6 unchanged.

Across the broader market, gainers outnumbered losers 241 to 189, with 1.58 billion shares value $986.66 million altering fingers.

The three greatest performers had been Mapletree Logistics Trust, which added 2.51 per cent; Sats, up 1.75 per cent; and Hongkong Land, forward by 1.01 per cent.

The three worst had been Jardine Strategic, down 2.76 per cent; Jardine Cycle & Carriage, which fell 2.69 per cent; whereas ComfortDelGro was 1.38 per cent behind.

Energy agency Rex International ended up 4.55 per cent at 18.Four cents, after it stated Oman had given approval for its 86.37 per cent-owned unit Masirah Oil to develop the Yumna Field, whereas persevering with to discover the remainder of Block 50 Oman.

Rex additionally stated the authorities in Norway have improved tax incentives on capital expenditure, which may benefit its 2019 Shrek discovery, the place manufacturing is because of begin by the tip of 2024.

Elsewhere, the main beneficiaries of the Covid-19 pandemic rebounded yesterday, after struggling steep sell-offs in current days.

Among glove makers, Top Glove jumped 15.87 per cent to $7.52, whereas UG Healthcare bounced 24.24 per cent to $1.64. Safety gear provider Medtecs International closed at 62.5 cents, up 20.19 per cent.

Regional markets had been barely up. The Hang Seng Index added 0.47 per cent, ending a troublesome week for Hong Kong shares which have been hit by China-United States tensions in addition to a Covid-19 flare-up.

Shanghai rose 0.13 per cent whereas Shenzhen gained 0.69 per cent.

South Korean shares inched up 0.eight per cent, placing the Kospi forward 2.37 per cent for the week, its greatest weekly achieve in six weeks.

However, Japan’s Nikkei fell 0.32 per cent as Tokyo introduced a contemporary file of virus infections.

Eyes might be on Europe, the place leaders had been scheduled to start their first face-to-face summit in 5 months yesterday to debate their US$850 billion (S$1.2 trillion) rescue package deal. However, there are low expectations for a take care of Denmark, Sweden, Austria and the Netherlands holding out. “The frugal four may use this summit to voice their final concerns over joint debt and grants for the weaker states,” stated Oanda analyst Edward Moya.

  • Additional reporting by Agence France-Presse

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