SINGAPORE, June 30 (Xinhua) -- Singapore shares closed 0.61 percent higher on Tuesday, tracking strong finish in Wall Street overnight despite increasing coronavirus infections and cautionary comments from the World Health Organization (WHO) that the worst is yet to come as global cases and death tolls climbed.
U.S. markets jumped on Monday after a report showed U.S. pending home sales posted a record gain. Federal Reserve Chairman Jerome Powell stressed the importance of keeping the coronavirus contagion contained as the economy bounces back. Florida reported a jump in its infection rate, New Jersey halted plans for indoor dining, and New York City said it is considering it.
MayBank-Kim Eng Retail Research said "technically, the Straits Times Index is drifting towards its 50-day moving average near 2,610 points with further backstop at 2,560 points and overhead resistance at 2,800 points."
Singapore's benchmark Straits Times Index rose 15.81 points to 2,589.91 points. Trading volume was 2.34 billion shares worth 1.6 billion Singapore dollars. Advancers outnumbered decliners 236 to 193.
Biolodics fell 4.69 percent to 30.5 Singapore cents. It terminated its one-year distribution agreement with Aytu Bioscience to sell its coronavirus antibody test kits in the United States, citing increased competition. It also intends to withdraw its application to the U.S. Food Drug Administration for Emergency Use Authorization. Its test kits will thus be no longer available in the U.S. market but will continue to be sold in Thailand, Philippines, Indonesia, Myanmar, Vietnam and China's Hong Kong. It now plans to jointly develop a new serology test kit with Aytu that has broader use outside of laboratory or clinical settings in the United States.
Among top gainers, DBS Group Holdings rose 1.37 percent to 20.80 Singapore dollars, while Jardine Matheson became one of the top losers by falling 0.74 percent to 41.74 U.S. dollars. (1 U.S. dollar equals to 1.40 Singapore dollars)