Regional indices were mostly up. The Hang Seng Index added 0.13 per cent; Malaysia's KLCI gained 0.66 per cent. The Nikkei 225 advanced 0.42 per cent, while the Shanghai Composite dipped 0.21 per cent.
The most active counter of the day was LionGold, whose shares rose S$0.001 to S$0.002, on a volume of 798 million shares, after it posted slightlyimproved earnings of S$1.35 million for its first quarter ended Sept 30 last week. Stephen Innes, chief global markets strategist at Axi, said that after big gains for risky assets following the US election result, last week's announcement of a potentially successful Covid-19 vaccine provided a second catalyst to spur markets higher, with most of the funds rotating into the laggard, cyclical and"reopening" sectors.
"The vaccine news has understandably led to more positive sentiment. And seen from a down-the-road perspective, it's hard to argue that we will not be in store for a positive economic reassessment and improved macro environment, which will prove risk-positive and provide a favourable backdrop for risk assets," Mr Innes said.For daily updates on weekdays and specially selected content for the weekend.
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