Singapore shares rise at open tracking Wall Street gains; STI up 0.4%
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Vivienne Tay
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SINGAPORE stocks opened higher on Tuesday following overnight gains on Wall Street amid optimism over a newly-approved coronavirus treatment.
Singapore's Straits Times Index (STI) headed up 0.4 per cent or 9.78 points to 2,548.39 as at 9.06am.
Gainers outnumbered losers 137 to 31, after 145.3 million securities worth S$86.1 million changed hands.
One of the most active counters by volume was Aspen (Group) Holdings, which rose 13.4 per cent or 4.5 Singapore cents to 38 cents, with 17.5 million shares traded as at 9.05am. The counter hit a new record again after hitting a previous high of 37 cents on Monday.
Avarga rose 12.8 per cent or 2.5 Singapore cents to 22 cents, with 6.7 million shares traded. Avarga on Monday said it was exploring opportunities relating to its paper manufacturing business, which include the expansion and/or potential listing of said business.
Another heavily traded stock was Thai Beverage Public Company, which advanced 0.8 per cent or 0.5 Singapore cent to 61 cents, with 6.1 million shares traded.
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Banking stocks rose in early morning trade. As at 9.05am, DBS was trading up 0.2 per cent or S$0.05 to S$20.84, UOB gained 0.4 per cent or S$0.07 to S$19.92, while OCBC rose 1.1 per cent or S$0.09 to S$8.70.
Other active index counters included Singtel, which held steady at S$2.30, as well as Wilmar International, which fell 0.2 per cent or S$0.01 to S$4.41.
Elsewhere in Asia, Tokyo stocks started higher on Tuesday, extending rallies on Wall Street. This comes as investors welcomed news of a newly approved coronavirus treatment. The Nikkei 225 index was up 1.05 per cent to 23,227.69 in early trade, while the Topix index gained 1.07 per cent to 1,624.25.
In the US, the S&P 500 and the Nasdaq reached new record closing highs on Monday. The Dow Jones Industrial Average rose 378.13 points or 1.35 per cent to 28,308.46, the S&P 500 gained 34.12 points or 1 per cent to 3,431.28 and the Nasdaq Composite added 67.92 points or 0.6 per cent to 11,379.72.
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