The Straits Times Index (STI) closed April up 1.7% m-o-m - its sixth consecutive m-o-m gain -  riding on the continued economic recovery, say CGS-CIMB Research analysts Lim Siew Khee and Jeremy Ng Choon Heng.

The analysts note the gain in April followed the US$2 trillion ($2.7 trillion) US infrastructure stimulus package, which could potentially boost global exports.

In addition, Lim and Ng point to several economic data points that reflect Singapore's ongoing recovery, including 1Q2021 GDP figures and March non-oil domestic exports (NODX) that exceeded forecasts, and private home sales surging 96% y-o-y and 100% m-o-m in March.

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