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Shares of U.S.-listed companies rose in Singapore on Monday after government data showed that Singapore’s economy grew 7.2% in 2021, rebounding from a pandemic-induced 5.4% contraction in the previous year.
What’s Moving: Singapore’s Straits Times Index rose 0.2% on Monday following the release of the gross domestic product (GDP) data.
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Shares of Ascendas Real Estate Investment Trust (OTC:ACDSF) have gained 0.7% in Singapore, while Keppel Corporation Limited (OTC:KPELY) shares have risen 0.2% and Singapore Telecommunications Limited's (OTC:SGAPY) traded 0.4% higher.
Singapore-based ride-hailing and food delivery company Grab Holdings Limited’s (NASDAQ:GRAB) trade on the Nasdaq.
What Happened : Singapore’s economy expanded by 5.9% in the fourth quarter of 2021, slower than the 7.1% growth in the July-September quarter.
The city-state emerged out of recession in the first quarter of 2021 by recording a growth of 1.5%.
Last year’s growth rate is the fastest annual pace in over a decade for Singapore.
The Singapore government has described 2022 as a “time of transition” as it expects GDP growth for the year in a range of 3% to 5%. The highly contagious Omicron variant continues to pose a threat.
“We will progressively phase out emergency support measures as businesses revive, though a few sectors will take longer,” Prime Minister Lee Hsien Loong said in his New Year's message.
About 87% of the population in Singapore has been fully vaccinated, while 39% have received their booster shot, it was reported by The Straits Times newspaper last week.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.