STI regains 3,000 level as equity markets cheer Biden's swearing-in

GLOBAL equity markets cheered the swearing-in of US president Joe Biden, as key regional indexes ended trading on Thursday with gains. Singapore's benchmark Straits Times Index (STI) breached the 3,000 mark and closed at 3,017.15 points, up 18.38 points or 0.61 per cent.

Oceanus Group was the most active counter with a volume of 583.5 million shares traded, accounting for about 16 per cent of the total trades on the market.

The share price, however, had a bumpy ride, as it surged 8.2 per cent within an hour of the opening bell. The bourse operator fired a query to the watch-listed seafood and fast-moving consumer goods value chain manager. But the counter did not manage to sustain the momentum and closed 4.08 per cent lower at S$0.047.

Agribusiness group Wilmar International was among the better-performing index stocks, notching a gain of 2.43 per cent to S$5.47.

Given the company's successful brand and a decade of investments in its distribution channels and production facilities, DBS Group Research thinks Wilmar International deserves a higher valuation multiple than its palm oil plantation peers.

Capitaland Integrated Commercial Trust reported negative rental reversions of 6.6 per cent on Thursday, resulting in the real estate investment trust (Reit) coming in at the bottom of the STI performance tally. The counter dipped 2.13 per cent to close at S$2.30.

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Decliners outnumbered advancers 274 to 228, as 3.75 billion securities worth S$1.50 billion were transacted.

Key regional markets climbed. Japan's Nikkei 225 was 0.82 per cent higher at 28,756.86 - the highest close in 30 years. Australia's S&P/ASX 200 rose 0.8 per cent to 6,823.7 - its highest since February.

South Korea's Kospi saw a gain of 1.49 per cent to 3,160.84, while the Shanghai Composite Index was 1.07 per cent higher at 3,621.26 points. Hong Kong's Hang Seng index dipped 0.12 per cent to 29,927.76 after five days of gains.

The FTSE Bursa Malaysia KLCI ended at 1,594.8, or 0.4 per cent lower.

Given the company's successful brand and a decade of investments in its distribution channels and production facilities, DBS Group Research thinks Wilmar International deserves a higher valuation multiple than its crude palm oil plantation peers.

For full listings of SGX prices, go to https://www2.sgx.com/