The Business Times

Singapore stocks climb at Friday’s open, bucking global trend; STI up 0.2%

Russell Marino Soh
Published Fri, Nov 4, 2022 · 09:39 AM

SINGAPORE stocks rose on Friday (Nov 4) morning, despite retreats in global markets.

As at 9.01 am, the Straits Times Index (STI) was up 0.2 per cent or 5.7 points at 3,108.21. Losers outnumbered gainers 57 to 49 after 47.2 million securities worth S$58.7 million changed hands.

Sembcorp Marine : S51 0% was the top-traded counter by volume, trading flat at S$0.134 with 13.9 million shares traded. This comes after it clinched an exclusive planned preventative maintenance contract from Danish power company Orsted for one of the world’s largest wind farms, through its wholly-owned subsidiary Sembmarine SLP.

Keppel Reit : K71U 0% also saw brisk trading at the open. Units of the Reit traded flat at S$0.895 after 4.4 million shares changed hands.

Index counters Yangzijiang Shipbuilding : BS6 0% and Mapletree Logistics Trust : M44U 0% were heavily traded. Yangzijiang Shipbuilding rose 1.6 per cent or S$0.02 to S$1.29, with 2.8 million shares traded. Mapletree Logistics Trust dipped 0.7 per cent or S$0.01 to S$1.48 after 2.2 million units were transacted.

The trio of local banks were mixed at Friday’s open, with only OCBC : O39 0% in the green. The bank rose 0.9 per cent or S$0.11 to S$12.06 after posting a 31 per cent increase in profit for the quarter ended Sep 30. Meanwhile, DBS : D05 0% lost 0.2 per cent or S$0.06 to S$34.14, while UOB : U11 0% declined 0.1 per cent or S$0.02 to S$28.

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In the US, Wall Street stocks retreated on Thursday as markets awaited key domestic jobs data, while taking in hawkish moves by major central banks.

The Dow Jones Industrial Average lost 0.5 per cent to close at 32,001.25. The broad-based S&P 500 dropped 1.1 per cent to 3,719.89, while the tech-rich Nasdaq Composite Index fell 1.7 per cent to 10,342.94.

Over in Europe, shares hit one-week lows on Thursday after the Federal Reserve hinted at continued interest rate hikes in the future, dampening hopes of a downshift in its aggressive fight against inflation. The pan-European Stoxx 600 dropped 0.9 per cent to 409.55.

Elsewhere in Asia, Tokyo stocks opened lower on Friday, with investors disheartened by falls on Wall Street and focus shifting to key US jobs data due later in the day.

The benchmark Nikkei 225 index was down 1.3 per cent or 371.41 points at 27,291.98 in early trade, while the broader Topix index slipped 0.9 per cent or 16.69 points to 1,923.77.

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