Singapore shares open higher on Thursday; STI up 0.9%
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Michelle Zhu
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SINGAPORE stocks booked strong gains on Thursday (Sep 29) morning in tandem with global market rallies, after the Bank of England announced a rescue move to cool bond markets.
As at 9.01 am, the Straits Times Index gained 27.17 or 0.9 per cent to 3,143.48 after 40.1 million securities worth S$59.3 million changed hands. Gainers outnumbered losers 125 to 27.
Sembcorp Marine was the top traded counter of the morning in terms of volume, rising S$0.003 or 2.9 per cent to reach S$0.105 with 9.7 million of its shares traded.
Index counters Singtel and SATS were actively transacted as well.
The telecommunications provider added S$0.04 or 1.5 per cent to S$2.66 with 2.8 million shares traded at the open.
Meanwhile, the inflight caterer and ground handler shed S$0.53 or 13.7 per cent to S$3.34 after 2.1 million of its securities changed hands. This comes after SATS on Wednesday announced plans to acquire Paris-based air cargo handler Worldwide Flight Services for a maximum total consideration of about 1.3 billion euros (S$1.9 billion).
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The trio of banks were all in positive territory at Thursday’s open. DBS was up S$0.25 or 0.8 per cent at S$32.81, OCBC rose S$0.10 or 0.9 per cent to S$11.81, and UOB advancing S$0.19 or 0.7 per cent to trade at S$26.35.
US stocks shook off a recent slump and rallied to close Wednesday higher after the Bank of England’s intervention in the British bond market reassured investors. The Dow Jones Industrial Average finished up 1.9 per cent at 29,683.74. The broad-based S&P 500 gained 2 per cent to 3,719.04, while the tech-rich Nasdaq Composite Index jumped 2.1 per cent to 11,051.64.
Meanwhile, European shares gained on Wednesday after the UK’s blue-chip index reversed losses. The continent-wide Stoxx 600 index was up 0.3 per cent after falling earlier in the session, as an intensifying energy crisis in the region and the relentless surge in global bond yields fuelled worries about a recession.
Elsewhere in Asia, Tokyo stocks opened Thursday higher to extend gains on Wall Street. The benchmark Nikkei 225 index rose 0.9 per cent or 223.59 points to 26,397.57, while the broader Topix index edged up 0.3 per cent or 5.30 points to 1,860.45.
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