Singapore stocks gain at open; STI up 0.2% to 3,242.44

SINGAPORE stocks gained at the open on Friday as the Straits Times Index advanced 0.2 per cent, or 6.48 points, to 3,242.44 as at 9.02 am following an overnight rally in US markets.

Gainers outnumbered losers 108 to 38, or about three up for every one down, as 77.5 million shares worth S$99.9 million changed hands.

Shares of Nico Steel lost a third of their value, or 0.2 Singapore cent, to 0.4 Singapore cent, following the company's announcement that it has agreed to cut the minimum conversion price of S$46 million unissued convertible bonds to 0.1 Singapore cent from one Singapore cent.

Singtel was a key index mover, rising 0.5 per cent or two Singapore cents to S$3.82.