Singapore Market rebounds on bargain buying

The Singapore stock market finished session higher on Tuesday, 29 November 2022, snapping three days losing streak, as investors risk sentiments strengthened on tracking rally on Mainland China market after the Beijing lifted the ban on equity refinancing for listed property firms to help reverse a slump in the industry.

At closing bell, the Straits Times Index (STI) index was up 36.30 points or 1.12% to 3,276.36 after trading between 3,232.38 and 3,277.01. Volume was 1.10 billion shares worth S$1.27 billion changed hands. There were 339 gainers and 203 decliners.

Shares of China-focused companies surged, as China's lifting of a ban on property players undertaking capital fundraising, as well as some suggestions that the protests could push the government to exit its zero-Covid policy. DFI Retail Group made the most improvement, by 5.06% to US$2.49. Mapletree Pan Asia Commercial Trust clocked a 2.98% increase to S$1.73 and conglomerate Jardine Matheson Holdings rose 2.77% to US$48.60.

The local banks were higher. UOB, OCBC and DBS rose 1.65%, 0.49% and 1.45% respectively to S$30.80, S$12.37 and S$34.95.

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