SINGAPORE (THE BUSINESS TIMES) – Local shares wrapped up a choppy week on a high note to snap two days of losses, in contrast with the dour mood across much of Asia.
The Straits Times Index advanced 23.81 points, or 0.77 per cent, to 3,131.4, up 2.5 points for the week.
Turnover stood at 1.3 billion shares worth $1.12 billion, with gainers outpacing losers 321 to 176.
The STI, Hong Kong and Malaysia bucked the losses posted in Japan, China, South Korea, Taiwan and Australia on Friday, when the general tone was cautious after Wall Street’s overnight pullback amid rising virus cases in Britain and the United States.
Pandemic worries are casting a shadow over the global growth outlook even amid encouraging macro data from advanced nations.
“Data continues to come in strong as economies reopen and (amid) pent-up demand. However, some signals… suggest growth might have peaked in the US and China, though it is set to continue at a robust pace,” said Natixis Investment Managers head of global market strategy solutions, Ms Esty Dwek .
“Overall, our medium-term outlook remains supported by strong growth and fundamentals: vaccination, fiscal stimulus and very strong earnings. However, the second half could prove bumpier.”
The banks led action on the local bourse. OCBC Bank jumped 1.45 per cent to $11.91, DBS Bank added 0.4 per cent, while UOB advanced 0.6 per cent.
Oil firm Rex International has had a stellar week. The counter rose 2.6 per cent on Friday to 19.5 cents, up about 3 per cent for the week after hitting a 52-week high of 20 cents on Monday.
It said this week that it plans to invest up to US$4 million (S$5.4 million) in a commercial drone company to diversify its business.
Aims Apac Reit hit a year’s high of $1.57 after adding 2.6 per cent.
RHB Research raised the Reit’s target price to $1.70 from $1.58, citing key catalysts such as potential inclusion in indexes, earnings turnaround and growth from acquisitions.