Market Update: STI closes at near 9-month high

The Straits Times Index extended its gains for a third consecutive day on Tuesday, ending up by 42.85 points or 1.5% at 2,891.63.

The advance of the Singapore bourse continued as investors' sentiment remained lifted by the hopes that COVID-19 vaccine might be made available soon.

On Monday, the biopharmaceutical company AstraZeneca announced that its vaccine could be up to 90% effective, joining Pfizer and Moderna in delivering positive results.

Russia's Sputnik V also made an announcement that its two-shot vaccine would likely cost less than $20 per person on international markets and would be completely free for Russian citizens.

Top gainers for the day were Singapore Airlines with 0.34 points to 8.35%, SATS with 0.30 to 7.35%, and ComfortDelGro with 0.12 to 7.27%.

London's FTSE 100 closed at 6,432.17 up by 1.55% driven by energy and mining giants BP and Rio Tinto. The domestically focused mid cap FTSE 250 ended on an eight-month high at 19,789.56, up by 1.06% for the day's trading.

Meanwhile in the US, the federal government recognised President-elect Joe Biden as the apparent winner of the recent presidential election and formally started the transition of power, weeks after Donald Trump tested the limit of the American democracy.

The S&P 500 hit a record, ending at 3,635.41 up by 1.62% to 57.82 points on one hand, while the Dow Jones Industrial Average closed above 30,000 for the first time with a 1.54% gain.