Singapore shares drift up amid continued confusion over SIA value

SINGAPORE shares kicked off the week on a higher note on Monday, mirroring gains on Wall Street as countries prepare to reopen their economies gradually amid the Covid-19 pandemic.

The Straits Times Index (STI) opened at 2,597.85 and closed at 2,611.31, up 19.43 points or 0.75 per cent. Trade was relatively quiet, with 1.42 billion securities worth S$1.20 billion changing hands.

Brokers said they were bombarded with queries from clients still confused over the intrinsic value of the mandatory convertible bonds (MCBs) that Singapore Airlines (SIA) had issued together with its rights issue.