Singapore shares open higher on Wednesday; STI up 0.5%

SINGAPORE stocks climbed in early trade on Wednesday (Oct 5), in line with global peers.

The Straits Times Index (STI) rose 0.5 per cent or 15.79 points to 3,154.69 as at 9.01 am. Gainers outnumbered losers 122 to 16 after 112.3 million shares worth S$79.7 million changed hands.

Marine logistics group Sembcorp Marine was the top traded counter by volume on Wednesday, gaining 3.7 per cent or S$0.004 to S$0.113 as 51 million shares were traded.

Among index counters, shares of CapitaLand Integrated Commercial Trust were heavily traded, with 4.6 million shares changing hands. The counter gained 3.1 per cent or S$0.06 to S$1.98. Mapletree Logistics Trust also saw significant trading activity, rising nearly 1.9 per cent or S$0.03 to S$1.58.

Banking stocks opened in the green on Wednesday. OCBC was up 0.8 per cent or S$0.09 at S$12.02, DBS gained 0.2 per cent or S$0.05 to S$33.43, while UOB rose 0.3 per cent or S$0.08 to S$26.23.

Over on Wall Street, stocks were up for a second straight session on Tuesday amid hopes of a US monetary policy pivot, as Twitter surged on the revived chance of Elon Musk’s takeover.

The tech-rich Nasdaq Composite Index led the major indices, powering up 3.3 per cent to close at 11,176.41. The Dow Jones Industrial Average meanwhile rose 2.8 per cent to 30,316.32, while the broad-based S&P 500 jumped 3.1 per cent to 3,790.93.

European shares likewise rose sharply on Tuesday, boosted by growing hopes that central banks may ease the pace of future interest rate hikes as they attempt to bring down high inflation.

The pan-European Stoxx 600 index climbed 3.1 per cent, extending gains for a third straight day and logging its best session since mid-March.

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Tokyo shares also opened higher on Wednesday, keeping pace with global rallies on hopes that recent, soft economic indicators may slow the speed of rate hikes by the US central bank. 

The benchmark Nikkei 225 index added 0.8 per cent or 212.41 points to 27,204.62 in early trade, while the broader Topix index rose 0.9 per cent or 17.07 points to 1,923.96.