Singapore Market ends higher

The Singapore stock market finished session higher on Monday, 05 December 2022, joining regional rally, as appetite for risk assets underpinned amid positive sentiments over more easing of strict COVID containment measures in China.

The China easing moves helped offset a forecast-busting US jobs report that dented hopes that the Federal Reserve will take a softer approach to hiking interest rates in its battle against inflation.

At closing bell, the Straits Times Index (STI) index was up 8.46 points or 0.26% to 3,267.4 after trading between 3,256.45 and 3,283.17. Volume was 1.53 billion shares worth S$1.11 billion changed hands. There were 400 gainers and 196decliners.

The local banks were mostly higher. UOB rose 0.29% to S$31 and DBS added 0.09% to S$34.50 while OCBC closed 0.25% lower at S$12.18.

In corporate news: TANG Dynasty Treasure shares advanced 2% after construction company increased its offer to take Chip Eng Seng private to S$0.75 per share from the previous S$0.72 per share.

Metech International's shares tumbled 13% after the agreement to acquire the entire share capital of jewellery maker X Diamond Capital lapsed.

Interra Resources shares closed nearly 13% up after announcement that it secured a 12-month extension from the Singapore exchange to meet the requirements to exsit the bourse's watch list.

ECONOMIC NEWS: Singapore Private Sector PMI At 56.2 In November- The private sector in Singapore continued to expand in November, albeit at a slower pace, the latest survey from S&P Global revealed on Monday with a PMI score of 56.2. That's down from 57.7 in October, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

Private sector activity continued to expand at a robust pace midway into the final quarter of 2022 but saw the rate of expansion moderate from October's high. Survey respondents remarked that virus-related disruptions underpinned the slowdown. Indeed, lead times lengthened at a substantial rate in November amid reports of COVID-19 related delays and manpower constraints. Overall demand, including external demand, meanwhile remained a key driver behind the growth in activity but likewise saw the rate of expansion slow in November.

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