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Market Update: Singapore Shares Up 0.2% in Late Trade
The STI Index went up 7 points or 0.2% to 3,126 in late deals on Monday, gaining for the second consecutive session, with traders focusing on the prospects of a robust economic recovery this year supported by vaccine distribution and dovish monetary policy. Turning to data, flash Markit PMIs in the US pointed to record growth rates in both manufacturing and services activity in May, although cost pressures escalated. Locally, there were 25 new virus cases as of noon on Sunday in Singapore, bringing the total caseloads to 61,824. On the data front, Singapore’s annual inflation rate jumped to a seven-year high of 2.1% in April from 1.3% in March, amid a spike in cost of transport. Market participants now await the final reading of the nation’s Q1 GDP on Tuesday. They also anticipate the 2nd estimate Q1 US GDP later this week. Thai Beverage PCL added 0.7%, while Jardine Cycle & Carriage Ltd rose 0.3%. [/s2If]
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