Singapore shares rise at Friday’s open; STI up 0.4%

SINGAPORE stocks gained positive ground on Friday (Jun 3) morning, following overnight rallies on Wall Street.

The Straits Times Index (STI) rose 0.4 per cent or 11.74 points to 3,238.46 as at 9.01 am. Gainers outnumbered losers 89 to 25 after 53.8 million securities worth S$47.3 million changed hands.

3Cnergy was the top traded counter by volume, remaining unchanged at S$0.008 after 4.5 million shares changed hands. Keppel Reit also saw brisk activity, rising S$0.01 or 0.9 per cent to S$1.18 with some 2.6 million units traded in the morning.

Among index counters, Keppel DC Reit was actively traded with 976,600 units changing hands at the open. The real estate investment trust (Reit) rose S$0.03 or 1.5 per cent to S$2.02.

The trio of local banks rallied in early trade. DBS gained S$0.15 or 0.5 per cent to S$31.20. UOB rose S$0.11 or 0.4 per cent to S$29.01. Meanwhile, OCBC gained S$0.03 or 0.3 per cent to S$11.85.

In the US, stocks rallied on Thursday following 2 consecutive days of closing lower ahead of key jobs data, as markets fixate on the implications for inflation and monetary policy.

The Dow Jones Industrial Average finished up 1.3 per cent at 33,248.28. The broad-based S&P 500 gained 1.8 per cent to 4,176.82, while the tech-rich Nasdaq Composite Index jumped 2.7 per cent to 12,316.90.

European shares bounced on Thursday, led by industrial and luxury names, with gains limited by lingering worries over slowing economic growth and rising prices.

The pan-European Stoxx 600 index rose 0.6 per cent after losing nearly 2 per cent over the last 2 sessions.

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Elsewhere in Asia, Tokyo stocks opened higher on Friday to echo rallies on Wall Street.

The benchmark Nikkei 225 index was up 0.9 per cent or 251.42 points at 27,665.30 in early trade, while the broader Topix index advanced 0.6 per cent or 11.52 points to 1,937.91.