Sumary of Regional markets buoyant as investors shrug off virus fears:
- There was a cheery mood in regional markets yesterday as investors focused more on the corporate earnings season than the rise in Covid-19 cases worldwide.
- Singapore Exchange market strategist Geoff Howie said this was due to a “rotation into equities” across Asia, which began late on Wednesday and powered through yesterday.
- He noted that some sectors have been clear winners, adding: “This week, global earnings reports have had a role in shaping broad economic sentiment.
- ” Mr Howie noted that this has “edged more positive since late Wednesday, with the US dollar and US Treasuries declining, while oil has gained, with the energy, financial and technology sectors leading global equities”.
- Singapore Airlines advanced 3.1 per cent to $4.95 and Sats rose 2.4 per cent to $3.87. Property company PropNex was one of the biggest decliners, closing down 4.1 per cent at $1.89. Two glove makers were among the top losers.