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Market Update: Singapore Shares Rise 0.5% to Start the Week
The STI Index rose 15 points or 0.5% to 3,123 in early deals on Monday, gaining for the second straight session, with trader focusing on 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. On the COVID-19 front, there were 25 new virus cases as of noon on Sunday, bringing the total caseloads to 61,824. The city-state now enters its second week of heightened mobility restrictions to contain a resurgence of community spread, reported local media. Market participants await the release of Singapore’s consumer price index for April later in the day and the final reading of the nation’s Q1 GDP on Tuesday. Mapletree Industrial Trust and Yangzijiang Shipbuilding Holdings advanced 1.8% and 1.4%, each. [/s2If]
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