Singapore shares open up on Thursday, with STI advancing 0.09%

SINGAPORE shares rose after trading opened on Thursday, with the benchmark Straits Times Index (STI) gaining 3.21 points, or 0.09 per cent, to 3,523.66 as at 9.01am.

It had slipped by 4.2 points at the close the day before.

In the minutes after the opening bell, the bourse saw 40.8 million shares worth S$102.8 million changing hands, as gainers beat losers 67 to 47.

Wall Street slipped overnight on reports that Canadian officials anticipate the Trump administration exiting the three-nation North American Free Trade Agreement, and that China will slow or even stop US government bond purchases.

But it is morning in Asia, and the World Bank thinks the global economy will grow by a stronger-than-expected 3.1 per cent in 2018, after a stellar recovery in 2017.

On the subject of oil prices, offshore and gas group IEV Holdings sank by 0.9 Singapore cent, or 15 per cent, to 5.1 Singapore cents, on a turnover of about 1.18 million shares.

It had announced that it expects to take an impairment on an Indonesian oilfield exit and has sold its corporate headquarters in a cost-cutting exercise.

On the leader's board, UOB put on S$0.05, or 0.18 per cent, to S$27.73 and fellow lender OCBC Bank added the same amount, or 0.39 per cent, to S$12.91.

City Developments Ltd meanwhile saw a churn of 1.14 million shares at the open.

The counter dipped S$0.02, or 0.15 per cent, to S$12.97 after news that its joint-venture partnership has made full payment in the 85 million-euro (S$135.9 million) acquisition of a German hotel.