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Market Update: Singapore Shares Trade at Near 3-Week High
The STI rose 15 points or 0.5% to a near three-week high of 3,161 and extending gains for the fifth straight session in early deals on Thursday, as investors returned from a holiday, on hopes of a huge economic rebound, with Fed officials agreeing that monetary support for the US economy is still needed. Traders welcomed news that China’s industrial profits grew solidly in the first four months of the year, despite the rate softening from the prior period. In local data, Singapore has maintained its growth forecast for 2021 at a range of 4 to 6%, amid heightened uncertainties arising from the COVID-19 pandemic. Meantime, the city-state’s economy expanded 1.3% yoy in Q1, up sharply from a flash estimate of a 0.2% rise. On the pandemic front, there were 26 new virus cases Wednesday in the Lion City, taking the total tally to 61,916. Yangzi Jiang Shipbuilding soared 3.7%. Meantime, Singapore Airlines added 3.5% after committing to achieve net-zero carbon emissions by 2050. [/s2If]
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