Singapore shares edge up at Wednesday's open; STI up 0.3%

SINGAPORE stocks began trading on Wednesday morning in slightly positive territory, with the Straits Times Index (STI) gaining 7.65 points or 0.3 per cent to 2,493.48 as at 9.02am.

Gainers outnumbered losers 79 to 33, after 38.5 million securities worth S$35.5 million changed hands.

The most heavily traded counter by volume was China Environment Resources which gained 0.3 Singapore cent or 23.1 per cent to 1.6 cents, with some 18.7 million shares traded.

After several days of heavy trading and plumbing new lows, Sembcorp Marine climbed 0.2 Singapore cent or 1.2 per cent higher to 16.5 cents, with some 17.5 million shares traded.

Meanwhile, the trio of local lenders were down in early trade. UOB slipped S$0.12 or 0.6 per cent to S$19.30, DBS lost S$0.04 or 0.2 per cent to S$20.31, while OCBC fell S$0.05 or 0.6 per cent to S$8.51.

Singapore banks are sticking to their hiring plans even as UOB has instituted a wage freeze at this point, The Business Times reported on Wednesday.

Other active securities included Yangzijiang Shipbuilding which gained 2.5 Singapore cents or 2.5 per cent to S$1.01.

Sembcorp Industries added S$0.03 or 2.4 per cent to S$1.26. The counter was the biggest gainer among the STI components by the closing bell on Tuesday.

Over on Wall Street, tech shares led US stocks higher on Tuesday, with Apple launching new products and as markets regained some ground after a two-week slide.

The tech-rich Nasdaq Composite Index led major indices, advancing 1.2 per cent to 11,190.32. The Dow Jones Industrial Average ended up a hair at 27,995.60, while the broad-based S&P 500 added 0.5 per cent to 3,401.20.

European shares rose on Tuesday, with the pan-European Stoxx 600 gaining 0.7 per cent to hit a three-week high as retail and mining stocks climb.

Elsewhere in Asia, Tokyo stocks opened lower on Wednesday as investors shied away from major moves ahead of a Federal Reserve decision and with Prime Minister Shinzo Abe's successor preparing to take office.

The benchmark Nikkei 225 index fell 0.1 per cent or 23.73 points to 23,431.16, while the broader Topix index lost 0.2 per cent or 2.91 points to 1,637.93.