Singapore stocks close 0.6% higher

SINGAPORE shares began the week on a positive note, buoyed by encouraging domestic data and as major economies started to gradually unwind last month’s full lockdown measures.

The key Straits Times Index rose 15.73 points or 0.62 per cent to finish at 2,539.28 on Monday. Elsewhere, key gauges in Japan, Hong Kong and South Korea posted modest gains. Gold traded at its the highest in seven years, while crude oil surged to over US$30 a barrel for the first time since March. UK’s FTSE and Germany’s DAX were up more than 2 per cent each and the futures pointed towards a firmer open for US bourses.

Singapore’s non-oil domestic exports unexpectedly rose for a third straight month in April. This could suggest that manufacturing may escape a recession and be spared by the city state’s circuit-breaking measures, although analysts were quick to warn that it is premature to conclude the sector is out of the woods.

Market sentiment has been holding up in recent weeks despite a string of weak economic data , amid easing lockdowns which imbue hope for a return of some semblance of normalcy and that economic activity will tick higher.

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