Singapore equities open higher on Wednesday; STI rises 0.2%

SINGAPORE stocks rose in early trade on Wednesday (Jan 26) despite US stocks dipping into the red overnight.

The Straits Times Index (STI) gained 0.2 per cent or 7.41 points to 3,255.17 as at 9.02 am.

Gainers outnumbered losers 60 to 46 after 86.1 million securities worth S$53.6 million changed hands.

Shen Yao Holdings A78 was the most traded by volume on Wednesday morning, with 51.7 million shares changing hands. The gold mining and exploration company's shares were flat at S$0.003.

Units of Mapletree Logistics Trust M44U were also heavily traded on Wednesday morning. The real estate investment trust (Reit) was up 0.6 per cent or S$0.01 to S$1.76.

Meanwhile, Mapletree Industrial Trust's ME8U units dropped 0.8 per cent or S$0.02 to S$2.57 with 1.6 million units moving, after the Reit posted its financial results for the third quarter on Tuesday.

Among index counters, Thai Beverage Y92 fell 0.8 per cent or S$0.005 to S$0.645 in early trade, while Singtel Z74 inched up 0.4 per cent or S$0.01 to S$2.48.

The trio of local banks rose on Wednesday morning. DBS D05 shares increased 0.2 per cent or S$0.06 to S$35.26, while OCBC O39 grew 0.4 per cent or S$0.05 to S$12.20. UOB U11 also gained 0.4 per cent or S$0.11 to S$29.84.

In the US, Wall Street stocks finished lower on Tuesday following another volatile session as markets nervously eyed the impasse over Ukraine while awaiting a key US Federal Reserve decision.

The Dow Jones Industrial Average ended down 0.2 per cent at 34,297.73. The broad-based S&P 500 shed 1.2 per cent to 4,356.45, while the tech-rich Nasdaq Composite Index tumbled 2.3 per cent to 13,539.29.

Meanwhile, European shares recovered some lost ground on Tuesday following their worst sell-off since June 2020, after upbeat earnings reports from Ericsson and Logitech provided support. The pan-European Stoxx 600 gained 0.7 per cent.

Elsewhere in Asia, Tokyo stocks opened flat on Wednesday as a wait-and-see mood persisted among investors ahead of the US Federal Reserve's decision. The benchmark Nikkei 225 dropped 0.04 per cent or 9.95 points to begin at 27,121.39, while the broader Topix index edged up 0.2 per cent or 3.36 points to 1,899.98.