Singapore stocks advance at Wednesday's open; STI up 0.5%

SINGAPORE shares opened stronger on Wednesday, tracking overnight gains on Wall Street.

The Straits Times Index (STI) was up by 14.41 points or 0.5 per cent to 3,103.90 as at 9.01am.

Gainers outnumbered losers 92 to 34, with 68.3 million securities worth S$55.4 million changing hands.

Oceanus Group was the most active counter by volume at the open. With 12.4 million of its shares worth S$0.5 million traded, the seafood supplier remained unchanged at 3.9 Singapore cents.

Sembcorp Marine also saw brisk trading, losing 0.1 Singapore cent or 0.8 per cent to 13 cents, after 3.1 million securities changed hands in the morning. On Tuesday, the group said it is partnering grid operator SP Group to install an additional 4.0 megawatt-peak (MWp) of solar energy across seven rooftops at its Tuas Boulevard Yard.

Among index counters, Thai Beverage (ThaiBev) was the most actively traded, with two million shares worth S$1.4 million changing hands. This resulted in ThaiBev inching up half a Singapore cent or 0.8 per cent to 67.5 cents in early trade.

The trio of local banks were in the green on Wednesday morning. DBS rose S$0.24 or 0.9 per cent to S$29.42, UOB gained S$0.10 or 0.4 per cent to S$25.48, while OCBC advanced S$0.07 or 0.6 per cent to S$11.76 as at 9.01am.

In the US, stocks ended at records on Tuesday as consumer confidence continued to improve, although investors grappled with the latest coronavirus situation.

The tech-rich Nasdaq Composite Index again led the market, climbing 0.2 per cent to 14,528.33, its fifth record finish in six sessions. The broad-based S&P 500 also eked out a record, gaining less than 0.1 per cent to 4,291.80, while the Dow Jones Industrial Average finished up by a hair at 34,292.29.

European shares closed higher on Tuesday, after data showed economic sentiment improved sharply in June, leading investors to pile into sectors most likely to benefit from a recovery.

The pan-European Stoxx 600 closed 0.3 per cent higher at 456.37 points, after data showed eurozone economic sentiment hit a 21-year high in June as a steady vaccination programme saw several economies reopen.

Elsewhere in Asia, Tokyo stocks opened higher on Wednesday as investors took heart from rallies on Wall Street. The benchmark Nikkei 225 index was up 0.3 per cent or 87.26 points at 28,899.87 in early trade, while the broader Topix index added 0.4 per cent or 7.27 points to 1,956.75.