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STI advances 1.24% on Wall Street tech rally

A rally in tech shares in New York spurred native traders to cost again into the market yesterday and ship native shares increased.

The burst of optimism drove the Straits Times Index (STI) up 30.79 factors, or 1.24 per cent, to 2,515.70, emphatically ending a three-day shedding streak. Gainers outnumbered losers 250 to 184 on commerce of 1.42 billion shares value $1.43 billion.

The essential catalyst got here from a rally on Wall Street in a single day as traders piled into expertise shares to ship the Nasdaq to a report closing excessive.

Sentiment was additionally boosted by hopes that strikes to nail down a coronavirus aid Bill would yield fruit and information displaying that United States manufacturing exercise final month grew on the quickest tempo in additional than a 12 months.

Local traders took the trace and focused the tech sector.

Semiconductor capital tools maker AEM Holdings surged 14.48 per cent to $4.19 after it reported that earnings greater than doubled within the first half, reaching 65 per cent of full-year consensus estimates. AEM additionally raised its interim dividend and its gross sales steerage for the remainder of the 12 months.

Precision plastic parts maker Sunningdale Tech completed at $1.14, up 9.62 per cent. Sunright, which gives semiconductor take a look at and burn-in companies, rose 9.23 per cent to 35.5 cents.

UMS, a major provider in Asia for semiconductor tools maker Applied Materials, added 5 per cent to $1.05.

CEI Contract Manufacturing superior 6.43 per cent to 91 cents whereas Grand Venture Technology, which has publicity to the semiconductor and life science industries, put on Four per cent to 26 cents.

The STI’s gainer was Jardine Matheson, which closed at US$39.32, up 3.58 per cent.

There have been good points throughout the area as properly. The Hang Seng Index rose by 2 per cent, Malaysian shares climbed 0.21 per cent and the Shanghai Composite put on 0.11 per cent, whereas the Nikkei superior 1.7 per cent.

The stringent lockdown in Victoria doesn’t appear to have deterred Australian traders, who despatched the native market up 1.9 per cent to a two-week excessive.

Tech shares have been the primary driver, though the nation’s Big Four banks helped out as properly.

Swissquote Bank senior analyst Ipek Ozkardeskaya famous: “Call it a market rally, or stock market inflation, global equity markets are poised for more gains on hope that more stimulus will support economies, or at least stock prices.”

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