Singapore shares open higher on Wednesday, tracking Wall Street gains; STI up 0.4%

SINGAPORE shares were up in early trade on Wednesday (Jun 22), tracking the market rally in the US after it resumed trading on Tuesday following a holiday.

The Straits Times Index (STI) gained 0.4 per cent or 11.69 points to 3,129.17 as at 9.02 am. Gainers outnumbered losers 90 to 41 after 129.2 million securities worth S$100.7 million changed hands.

The top traded counter by volume was Dasin Retail Trust, which advanced 7.9 per cent or S$0.025 to S$0.34 after 50.5 million units were transacted at the open.

Other heavily traded securities include Sembcorp Marine, which remained flat at S$0.111 with 10.6 million shares changing hands, as well as MM2 Asia, which gained 1.7 per cent or S$0.001 to S$0.06 with 4.6 million shares traded.

Among index counters, Singtel was down 0.8 per cent or S$0.02 at S$2.53 with 2.7 million shares changing hands as at 9.03 am.

The 3 local banks were mixed in early trade. DBS rose 0.5 per cent or S$0.15 to S$30.40, UOB increased 0.4 per cent or S$0.11 to S$26.96, while OCBC shed 0.3 per cent or S$0.03 to S$11.47.

Over on Wall Street, stocks ended Tuesday's session on a rally as investors debate whether this could signify a market comeback.

The Dow Jones Industrial Average finished up 2.2 per cent at 30,530.25, as broad-based S&P 500 jumped 2.5 per cent to close at 3,764.79, while the tech-rich Nasdaq Composite Index also won 2.5 per cent to 11,069.30.

Meanwhile, European equities rose for a third straight session on Tuesday, lifted by chemical and resource-linked sectors, as last week's brutal selloff on recession fears attracted bargain hunters.

The pan-European Stoxx 600 index advanced 0.4 per cent, after hitting a more than 1-year low last week.

In Asia, Tokyo shares opened higher on Tuesday, mirroring advances in the US.

The benchmark Nikkei 225 index was up 0.7 per cent or 175.54 points at 26,421.85 in early trade, while the broader Topix index was up 0.7 per cent or 13.07 points at 1,869.27.

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