Singapore shares buck global trend to open higher on Tuesday; STI up 0.6%

SINGAPORE stocks opened on Tuesday (Oct 11) in the green, bucking the global trend on a day which saw declines for stock markets worldwide.

As at 9.02 am, the Straits Times Index (STI) gained 0.6 per cent or 19.99 points to 3,127.46. Gainers outnumbered losers 63 to 37 after 43.9 million securities worth S$49.7 million changed hands.

Sembcorp Marine was the top-traded counter of the morning in terms of volume, remaining unchanged at S$0.118, after 7.4 million of its shares changed hands.

Yangzijiang Shipbuilding similarly saw brisk trading, with 4.7 million shares traded. The counter rose 1.7 per cent or S$0.02 to S$1.23.

Index counter CapitaLand Integrated Commercial Trust meanwhile gained 2.1 per cent or S$0.04 to S$1.95. Singtel was also up 0.4 per cent or S$0.01 at S$2.50.

The trio of local banks all opened in positive territory on Tuesday morning. DBS was up 0.4 per cent or S$0.14 at S$33.33, while UOB also rose 0.4 per cent or S$0.11 to S$26.44. OCBC grew 0.8 per cent or S$0.09 to S$11.85.

In the US, Wall Street stocks were modestly lower on Monday after a quiet session to open a news-jammed week which will see the release of the latest US consumer price index data, as well as new retail sales figures and earnings from companies including Delta Air Lines and JPMorgan.

The Dow Jones Industrial Average shed 0.3 per cent to 29,202.94. The broad-based S&P 500 fell 0.8 per cent to 3,612.43, while the tech-rich Nasdaq Composite Index dropped 1 per cent to 10,542.1.

European shares edged lower on Monday as investors stayed cautious ahead of major corporate earnings this week, with nerves around rising interest rates and escalations in the Russia-Ukraine war also weighing on sentiment.

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The pan-European Stoxx 600 index was briefly in positive territory before closing down 0.4 per cent and extending losses to a fourth straight session. Technology stocks fell 1.9 per cent, leading declines among Stoxx 600 sectors, followed by the real estate sector.

Tokyo stocks opened lower on Tuesday after a long weekend, tracking falls on Wall Street, as investors braced for more large interest rate hikes from the US Federal Reserve.

The benchmark Nikkei 225 index was down 1.5 per cent or 405.44 points at 26,710.67 in early trade, while the broader Topix index slipped 1.1 per cent or 20.86 points to 1,885.94.