Singapore Market gains on firm offshore lead

The Singapore stock market finished session modestly higher on Monday, 07 November 2022, as traders risk sentiments improved on following the broadly positive cues from global markets on Friday and continued hopes for an economic reopening in China despite Chinese officials reiterated their commitment to a strict COVID containment approach.

At closing bell, the Straits Times Index (STI) index advanced 11.20 points or 0.36% to 3,141.31 after trading between 3,126.67 and 3,145.44. Volume was 1.62 billion shares worth S$1.11 billion. There were 322 gainers and 233 decliners.

Among individual stocks, ComfortDelGro shares advanced 2.3% after news that it secured three metropolitan bus contracts in Sydney worth some S$1.5 billion in total.

Singapore Airlines shares added 0.9%, following news of record operating profits for both its second quarter and first half financial year ending Mar 31, 2023.

ECONOMIC NEWS: Singapore's ruling People's Action Party concluded its biennial party conference on Sunday. Singapore's top two leaders on Sunday pressed their case for citizens to continue giving strong support to the long-ruling People's Action Party (PAP) despite their desire for more checks and balances, warning that the bleak external climate required the government to have a strong mandate.

Speaking at the PAP's biennial conference, Prime Minister Lee Hsien Loong and Deputy Prime Minister Lawrence Wong highlighted unabating US-China tensions, the rising temperature over the Taiwan Strait and a possible recession in the West as key risks to the city state in the near term. In light of the troubled state of geopolitics and a looming transition of power within the city state, it was all the more important for citizens to continue to give the PAP broad support as they have done for decades, the leaders suggested.

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