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Market Update: Singapore Equities Rise for 3rd Straight Session
The STI rose 17 points or 0.5% to 3,141, extending gains for the third straight session after reports that Singapore’s Q1 Q1 GDP was revised strongly higher to 1.3% yoy from an advance estimate of 0.2% and after a final 2.4% contraction in Q4, as the manufacturing sector grew stronger than initially anticipated. The rise in the index followed Wall Street that ended higher overnight, amid a further easing of long-term bond yields and optimism that the Fed will not tight monetary policy anytime soon. On the pandemic front, there were 36 new virus cases on Monday, taking Singapore’s total to 61,860. Investors now anticipate the release of industrial output data for April later in the day, while data on US personal consumption and the 2nd estimate of GDP will be available later in the week. Genting Singapore added 1.9%, while Hong Kong Land Holdings rose 1.5%. [/s2If]
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