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Singapore shares open 5.46 points higher on Wednesday

40001698 - 27_09_2016 - BALTIC EXCHANGE-M&A_SGX.jpg

SINGAPORE share prices opened slightly higher on Wednesday as investors shifted their focus from the US presidential debate to the outcome of an oil producers' meeting.

The benchmark Straits Times Index rose 5.46 points or 0.19 per cent to 2,865.69 as at 9.03am.

Some 38.3 million shares worth S$41.2 million changed hands, with gainers beating losers at 63 to 51.

The local market opened lower on Tuesday as the first round of US presidential debate kicked off. When it became clear that Democratic nominee Hillary Clinton had the upper hand, markets in Asia trended upwards as this removed uncertainty surrounding the election, albeit momentarily.

The focus now would be on the Organization of the Petroleum Exporting Countries' (Opec) talks on Wednesday in Algiers, Algeria. They are to start at 2pm GMT (10pm Singapore) and end the same day.

Oil prices rose early on Wednesday to nearly US$45, Bloomberg reported.

Investors be warned, however, as there are more signs that an agreement will not be reached at the Opec talks to ease the global glut of crude, said a Reuters report.