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Market Update: Singapore Stocks Advance 0.6%
The STI went up 20 points or 0.6% to 3,143 in late deals on Tuesday, extending gains for the third straight session, after reports that Singapore’s 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. Meantime, Singapore’s manufacturing production rose by 2.1% yoy in April, increasing for the sixth month in a row. 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 US personal consumption and the 2nd estimate of GDP data later in the week. SATS Ltd jumped 1.1%, while Yangzijiang increased 0.7%. [/s2If]
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