SINGAPORE shares were pushed into positive territory on Thursday, led by gains from real estate investment trusts and business trusts, eclipsing worries of escalating United States-China trade tensions.
The Straits Times Index gained 17.82 points, or 0.7 per cent, to 2,612.35. Advancers outpaced decliners 271 to 170 , as 1.38 billion shares worth S$1.12 billion changed hands. AxiCorp's chief market strategist Stephen Innes, said:"The impact of virus headlines is receding for stock markets, while price action suggests little care is given about the rising US-China tensions."
Oanda senior market analyst Jeffrey Halley said that barring severe geopolitical escalation between the US and China, or poor US jobless claims data, “the underlying buy-everything globally recovery trade looks set to remain on course for the rest of the week”. At the top of the STI table were Mapletree Logistics Trust, which rose 4.9 per cent to S$2.13, and Mapletree Industrial Trust, which gained 4.4 per cent to S$3.10. Ascendas Reit was also among top performing counters, gaining 2.7 per cent to S$3.43.
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