Singapore Stocks close with extended gains

The Singapore stock market finished session higher after randomly teeter-tottering between wins and losses on Wednesday, 30 November 2022, extending gains to second straight day, on hopes that China will ease up on the strict Covid-zero policies and would announces other policy stimulus.

However, market gains were limited amid caution ahead of U.S. Federal Reserve Chairman Jerome Powell's speech for clues on the direction of monetary policy.

At closing bell, the Straits Times Index (STI) index was up 14.13 points or 0.43% to 3,290.49 after trading between 3,270.03 and 3,290.56. Volume was 1.55 billion shares worth S$2.42 billion changed hands. There were 326 gainers and 219 decliners.

Policymakers in China are working at full tilt in filling the stimulus package pipeline, which is bound to create a massive multiplier effect and provide a bullish wide-angle view when China's reopening hits full swing.

China's national health officials said on Tuesday that authorities would respond to public's "urgent concerns" and become more flexible in the implementation of anti-COVID restrictions. Hopes for a further relaxation of the rules were fueled by reports that the central Chinese city of Zhengzhou is lifting a lockdown on its main urban areas starting Wednesday.

Singapore Airlines (SIA) rose 0.6% to $5.50, a day after it announced that it would hold a 25.1% stake in Air India once it completes its merger with Vistara.

The local banks were higher. UOB, OCBC Bank and DBS rose 1.3%, 0.57% and 0.7% respectively to S$31.20, S$12.44 and S$35.19.

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