SINGAPORE'S benchmark Straits Times Index recorded its fourth straight day of gains on Thursday, gaining 43.96 points or 1.54 per cent to 2,906.97, shrugging off news of violence in the US Capitol as protestors tried to overturn the election results.
In fact, Asian equities appeared to be powered higher on a Democratic win. The Shanghai Composite Index added 0.71 per cent, Japan's Nikkei 225 gained 1.6 per cent, and Malaysia's KLCI added 0.69 per cent. Only the Hang Seng Index lost ground, retreating 0.52 per cent. On Singapore's bourse, some 2.38 billion securities worth S$1.79 billion changed hands, with advancers outnumbering decliners 314 to 184.
Top index performer Singtel added S$0.10 or 4.35 per cent to S$2.40, on a trading volume of 162.6 million shares, which Bloomberg data suggested could already be in overbought territory. The telco is on several brokerages' list of stocks to buy, as it is expected to grow its earnings in the next few years in line with Singapore's post-Covid recovery, under its new organisation structure headed by new group chief executive Yuen Kuan Moon.
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