The Straits Times Index (STI) of Singapore started this week on a positive note, continuing its trend from the previous week.
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At the time of writing, the STI was up 0.68% at 3,281.08, following the lead from the global markets.
The STI index gained around 47 points last week after the global banking sector recovered from all the turmoil. The index ended the first quarter of 2023 on a good note and gained 1.05% in the last three months.
The bounce-back of the European markets paved the way for Singapore stocks.
Overall, the Asian region remained mixed on Monday as the traders reacted to the news of an output cut from OPEC (Organisation of the Petroleum Exporting Countries). The oil producers announced trimming down production by 1.5 million barrels per day. Analysts expect this move could push the oil price up by $10 per barrel.
Top Movers
Leisure and hospitality giant Genting Singapore (SG:G13) was up 4.46% on Monday, owing to the positive numbers reported last week. The company posted a 62% jump in its revenues in its 2022 earnings report.
Marine and engineering group, Sembcorp Marine Limited (SG:S51) gained 2.52%. This was in continuation of its gains on Friday, after the company announced the signing of contracts worth €6 billion.
On Monday, the stock soared despite the company’s statement that it had recorded pre-tax losses for three straight years. Sembcorp, however, was able to ditch a place on the SGX’s watch list.
Jardine Cycle & Carriage (SG:C07) and Thai Beverage Public Co (SG:Y92) were up 2.43% and 2.38%, respectively.
Among the banking stocks, DBS Group (SG:D05) was down 0.091%, while Oversea-Chinese Banking Corp. Limited (SG:O39) gained 0.73% today.
