Singapore shares open higher following solid Wall Street gains; STI up 0.2% 

SINGAPORE stocks opened higher on Friday (Aug 26) after global markets finished on an uptrend.

The Straits Times Index (STI) was up 0.2 per cent or 6.75 points to 3254.55 as at 9 am. Gainers outweighed losers 89 to 33 after 91.58 million securities worth S$63.21 million shares changed hands. FJ Benjamin was the most actively traded counter in the morning with 12.2 million shares transacted. The counter was up 19.2 per cent or S$0.005 at S$0.31. Among index counters, Singtel traded higher 0.4 per cent or S$0.01 at S$2.68 after 0.9 million shares were traded.

The trio of local banks traded mixed at Friday’s open. DBS was down 0.04 per cent or S$0.13 to S$32.87, UOB gained 0.1 per cent or S$0.02 at S$27.53, OCBC opened higher 0.3 per cent or S$0.04 to S$12.14.  

Over in the US, Wall Street equities finished with solid gains on Thursday, boosted by upbeat economic data and despite more Federal Reserve officials repeating the message that interest rates will continue to rise to combat inflation.

Shares opened higher and remained in the green throughout the trading session, as the Dow Jones Industrial Average gained 1 per cent to finish the day at 33,291.78. The broad-based S&P 500 jumped 1.4 per cent to close at 4,199.52, while the tech-rich Nasdaq Composite Index increased 1.7 per cent to 12,639.27.

European shares ended higher on Thursday as oil and tech stocks rose, although gains were capped by mounting concerns over a possible recession induced by an energy crisis.

SEE ALSO

US: Wall St ticks up at open with all eyes on Jackson Hole meet

Asean Intelligence

Get insights into businesses across South-east Asia

Get the free report

The pan-European Stoxx 600 rose 0.3 per cent. Energy shares jumped 1.2 per cent to near 12-week highs as crude prices climbed on mounting supply concerns.

Elsewhere in Asia, Tokyo stocks opened higher on Friday, lifted by US gains as investors awaited Fed chairman Jerome Powell’s speech.

The benchmark Nikkei 225 index added 0.8 per cent, or 216.90 points, to 28,695.91 in early trade, while the broader Topix index rose 0.5 per cent, or 9.93 points, to 1,986.53.