Singapore shares open higher on Friday; STI up 0.1%

SINGAPORE stocks booked slight gains on Friday (Oct 7) morning following another mixed day for global markets.

As at 9.01 am, the Straits Times Index (STI) gained 0.1 per cent or 3.19 points to 3,154.75 after 32.3 million securities worth S$48 million changed hands. Losers just barely outnumbered gainers 56 to 52.

Yangzijiang Shipbuilding was the top traded counter of the morning in terms of volume, rising 2.7 per cent or S$0.03 to reach S$1.13, with 4.4 million of its shares traded. 

Singapore-based integrated healthcare provider Asian Healthcare Specialists also saw significant gains, rising 16.9 per cent or S$0.027 to S$0.187 with 2.8 million of its shares changing hands. The company on Thursday had received a voluntary cash offer to be taken private by healthtech startup Doctor Anywhere. 

Among index counters, shares of Mapletree Logistics Trust were also traded heavily, with the counter shedding 0.6 per cent or S$0.01 to S$1.59. 

The trio of banks saw mixed fortunes at Friday’s open. DBS was up S$0.06 or 0.2 per cent at S$33.65. Meanwhile OCBC dropped S$0.01 or 0.1 per cent to S$11.93, while UOB also declined S$0.01 or 0.04 per cent to S$26.65.

In the US, Wall Street stocks retreated Thursday, with investors keenly looking ahead to Friday’s US jobs report which will be scrutinised for its implications on US monetary policy. A better-than-expected jobs report could send stocks lower due to expectations for more aggressive interest rate hikes.

The Dow Jones Industrial Average dropped 1.2 per cent to finish the day at 29,926.94.

The broad-based S&P 500 shed 1 per cent to 3,744.52, while the tech-rich Nasdaq Composite Index lost 0.7 per cent to close at 11,073.31.

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Stocks to watch: Yangzijiang Shipbuilding, Asian Healthcare Specialists

European shares tumbled on Thursday as minutes from the central bank’s last meeting fanned fears about the state of inflation in the euro zone and aggressive policy moves to tame it, while weak retail sales data added to jitters around an economic slowdown.

The pan-European Stoxx 600 index reversed early session gains and was down 0.6 per cent, extending losses to a second straight session.

Tokyo shares opened lower on Friday on continued worries about the US rate hike campaign to fight inflation, which has driven down global shares.

The benchmark Nikkei 225 index fell 1.2 per cent or 336.46 points to 26,974.84 in early trade, while the broader Topix index gave up 1.3 per cent or 24.18 points to 1,898.29.