SINGAPORE, Jan. 11 (Xinhua) -- Singapore shares closed 0.31 percent lower on Monday, as investors awaited U.S. President-elect Joe Biden's plans for a huge fiscal aid to fight the economic toll of surging coronavirus cases.
U.S. markets climbed to all-time highs last Friday after Biden said he will lay out the details of trillions of dollars in further aid to revive the world's largest economy this week. He made the call for new assistance, including 2,000 U.S. dollar stimulus checks after a dismal December jobs report. The 140,000 slumps in payrolls highlighted how surging coronavirus infections were taking a greater toll on parts of the economy.
MayBank-Kim Eng Retail Research said, "technically, the Straits Times Index has broken out of its seven-week consolidation pattern with moving average positively placed for the index to test the next resistance at the 3,086 points breakdown gap in late February 2020, while immediate support now lies at the 2,880 points level."
Singapore's benchmark Straits Times Index fell 9.29 points to 2,983.9 points. The trading volume was 2.37 billion shares worth 1.58 billion Singapore dollars. Advancers outnumbered decliners 264 to 244.
China Everbright Water rose 4.44 percent to 23.5 Singapore cents. It won a public bid for the purchase of a 65 percent stake in Chinese state-owned water treatment firm Tianjin Binhai New Area Huantang Sewage Treatment Co. Ltd. for 666.34 million Chinese yuan. Tianjin Binhai has an aggregate daily water treatment capacity of 220,000 tonnes.
Among top gainers, Singapore Exchange rose 0.4 percent to 10.04 Singapore dollars, while City Development Limited became one of the top losers by falling 2.18 percent to 7.19 Singapore dollars. (1 U.S. dollar equals 6.477 Chinese yuan and 1.33 Singapore dollars)