Trump effect eases, S'pore bounces back

Trump effect eases, S'pore bounces back

Singapore shares rebounded yesterday after two straight sessions of decline as worries over the possible impact of a Trump presidency eased somewhat.

The benchmark Straits Times Index (STI) inched up 10.28 points, or 0.37 per cent, to 2,797.55. Turnover across the bourse was 1.71 billion shares worth $1.21 billion.

Markets elsewhere in Asia were mixed. Tokyo was flat, dipping just 0.03 per cent.

Shanghai shed 0.1 per cent while Hong Kong grew 0.46 per cent.

Sydney lost 0.37 per cent.

Wall Street edged up just 0.11 per cent on Monday after last week's stellar showing.

Donald Trump's victory in the United States presidential election last week had sparked heavy selling across emerging markets, amid fears that his policies would spell massive capital outflows for the region.

"Risks are elevated, and we are expecting further increases in volatility as markets attempt to second-guess the policies that might eventually come out from the US," said Michael McCarthy, chief market strategist at CMC Markets in Sydney, to Bloomberg.

Of the 30 STI constituents, 16 finished stronger while 11 fell and three were unchanged.

Airport ground-handling firm Sats was among the day's biggest winners, jumping 22 cents or 4.6 per cent to $4.96.

The local banks also helped to prop up the index. DBS Group Holdings rose 23 cents or 1.4 per cent to $16.34.

OCBC Bank grew 11 cents or 1.3 per cent to $8.72. United Overseas Bank was up 20 cents or 1.1 per cent to $19.05.

On the other side of the ledger, Global Logistic Properties fell three cents or 1.5 per cent to $2.03.

Singtel pared two cents or 0.5 per cent to $3.66.

Golden Agri-Resources lost half a cent or 1.3 per cent to 38.5 cents. The group on Monday posted a net profit of US$219.7 million for the third quarter ended Sept 30, marking a turnaround from the net loss of US$16.4 million previously.

But CIMB in a report maintained its "reduce" call on the stock, citing "unexciting near-term earnings prospects".

The most active counter was investment holding firm Elek- tromotive Group, which plummeted 0.1 cent or 25 per cent to 0.3 cent on 243.8 million shares done.

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