Singapore shares rise on Monday; STI up 0.9%

SINGAPORE stocks opened higher on Monday morning, tracking gains on Wall Street last week.

The Straits Times Index (STI) rose 0.9 per cent or 27.05 points to 3,208.73 at 9am. Gainers outnumbered losers 144 to 20 with 102.8 million shares worth S$79.7 million changing hands.

Sembcorp Marine was the most actively traded counter with 15.8 million shares worth S$3.0 million traded at 9am. The counter rose 2.7 per cent or half a Singapore cent to 19 cents.

Shen Yao also saw a high volume of its securities traded, with 7.1 million shares worth S$40,000 changing hands at the market open. The counter traded flat at half a Singapore cent.

Among index stocks, Thai Beverage saw brisk trading, with 6.2 million shares worth S$4.8 million traded at 9am. The counter rose 3.3 per cent or two and a half Singapore cents to 78 cents.

The trio of local banks rose in early trade. Shares of UOB surged 1.3 per cent or S$0.33 to S$26.13 as at 9.02am. DBS was up 0.9 per cent or S$0.26 at S$29.26, while OCBC rose 1.2 per cent or S$0.14 to S$11.91 within the first two minutes of trading.

Over in the US, the S&P 500 finished above 4,000 for the first time on Thursday setting a record amid rising confidence in the US economic recovery.

US stocks had a strong start to the second quarter a day after President Joe Biden formally announced a massive US$2 trillion infrastructure plan which he said would create millions of good jobs.

All three major indices advanced, with the broad-based S&P 500 surging 1.2 per cent to 4,019.87.

European shares also rose on Thursday as strong factory activity data out of the eurozone and optimism around a new US government spending plan eclipsed concerns about another lockdown in France.

The pan-European Stoxx 600 index was up 0.7 per cent at 432.22 points, about a point away from its all-time high.

Elsewhere in Asia, Tokyo stocks opened higher on Monday as investors cheered strong US jobs data released on Friday that boosted general optimism for a US economic recovery.

The benchmark Nikkei 225 index rose 0.7 per cent, or 222.06 points, to 30,076.06, while the broader Topix index gained 0.4 per cent, or 7.81 points, to 1,979.43.

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