Singapore shares rise at Monday's open following Wall Street rally; STI up 0.7%

SINGAPORE stocks started the week higher on Monday after Wall Street closed at record highs on Friday, amid a rebound from a sell-off sparked by growth worries earlier last week.

On the Singapore bourse, the Straits Times Index (STI) increased 0.7 per cent or 21.52 points to 3,152.92 as at 9.04am.

Gainers outnumbered losers 163 to 22, or about seven securities up for every one down, after S$97.9 million securities worth S$70 million changed hands.

The most active counter by volume was Serial System S69 , which rose 2 per cent or 0.3 Singapore cent to 15.5 cents, with 9.7 million shares changing hands. The electronic components distributor said on Monday that it placed an aggregate of nine million treasury shares in the capital of the company at S$0.15 per share.

Other heavily traded securities included KTL Global EB7 , which jumped 9.5 per cent or one Singapore cent to 11.5 cents, with seven million shares traded, as well as Sembcorp Marine S51 , which dropped 1.6 per cent or 0.2 Singapore cent to 12.1 cents, with seven million shares traded.

The offshore and marine player on Monday said it estimates losses for the six months ended June 30, 2021, to likely be in the region of the full-year losses incurred for FY2020.

Banking stocks rose in early morning trade. DBS D05 was trading up 0.8 per cent or S$0.23 at S$29.89. UOB U11 was up 1.6 per cent or S$0.41 to S$26.15, while OCBC O39 rose 1.1 per cent, or S$0.13 to S$12.04.

Other active index counters included Singtel Z74 , which advanced 0.9 per cent or S$0.02 to S$2.28 and the Singapore Exchange S68 , which moved up 1.2 per cent or S$0.13 to S$11.29.

In the US, the Dow Jones Industrial Average rose 1.3 per cent to 34,870.16, the S&P 500 gained 1.1 per cent to 4,369.55, while the Nasdaq Composite added 1 per cent to 14,701.92. This came as financials and other economically focused sectors rebounded from a sell-off sparked by growth worries earlier in the week.

Europe stocks also rebounded from their biggest drop in almost two months. The Stoxx Europe 600 Index rose 1.3 per cent by the close in London, retracing most of Thursday's declines.

Elsewhere in Asia, Tokyo stocks opened higher on Monday. The benchmark Nikkei 225 index was up 1.7 per cent to 28,421.55 in early trade, while the broader Topix index gained 1.7 per cent to 1,944.13.

KEYWORDS IN THIS ARTICLE

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes