Singapore shares open higher with STI up 9 points
SHARES in the local bourse opened higher with the key Straits Times Index (STI) rising 8.58 points to 3,231.27.
Some 38 million shares worth S$48 million changed hands with 73 counters up and 40 down.
The higher open follows a positive showing in Wall Street overnight on Tuesday where US stock indices closed its fourth straight session of gains as the White House unveiled details of plans for the country's budget.
DBS Group Research pointed out in a recent note that the STI was currently trading at just under 14.02 times of blended FY17/18F price earnings even as the earnings revision trend has turned negative again following the first-quarter 2017 reporting season.
It maintained its view that the local bourse's key index has priced in the year-to-date recovery optimism. It expects near-term resistance for the STI at 3,250 and pullback support at 3,150.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Europe: Stoxx ends lower as auto giants weigh; investors parse inflation data
US: Wall Street stocks fall as markets weigh strong wage data, Fed meeting
Japan may have spent 5.5 trillion yen on Apr 29 intervention, BOJ data suggests
Singapore stocks rise, tracking regional bourses; STI up 0.3%
Asia: Markets build on Wall Street rally, yen holds bounce
Singapore shares open in the red on Tuesday; STI down 0.3%