Singapore Market ends 0.27% up

The Singapore stock market finished session modestly higher on Tuesday, 27 December 2022, joining regional rally, on optimism over the China's steps to reduce COVID-19 curbs and reopen the economy.

China will stop requiring inbound travellers to go into quarantine starting from Jan 8, the National Health Commission said on Monday. It will also downgrade the seriousness of Covid-19 as it has become less virulent and will gradually evolve into a common respiratory infection.

At closing bell, the Straits Times Index (STI) index was up 8.68 points or 0.27% to 3,266.38 after trading between 3,264.03 and 3,277.94. Volume was 776.42 million shares worth S$427.95 million changed hands. There were 209 gainers and 143 decliners.

The top performing stock in Straits Times Index was Mapletree Logistics Trust which rose 1.28%, while the bottom performing stock was City Developments, falling 0.7%.

The local banks were mostly lower. United Overseas Bank added 0.1% and DBS was up 0.76%, while Oversea-Chinese Banking Corp fell 0.3%.

Asian markets were higher as China announced it was ending its Covid-era quarantine rule for inbound travellers. Japan's Nikkei 225 Index closed 0.2% higher, the South Korea's Kospi Index rose 0.7%, and Singapore's Straits Times Index advanced 0.27%. Indonesia's Jakarta Composite Index was up 1.3%. The FTSE Bursa Malaysia KLCI Index ended flat. Markets in Hong Kong and Australia remained shut for the Christmas holidays.

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