Singapore stocks open higher on Friday; STI up 0.4%

SINGAPORE shares opened higher on Friday even as uncertainties around Brexit and a US stimulus impasse continue to weigh on investor sentiment.

The Straits Times Index (STI) gained 12.25 points or 0.4 per cent to 2,837.21 as at 9.01am. Gainers outnumbered losers 89 to 41, after 47.5 million securities worth S$45.9 million changed hands.

Among the index securities, the most heavily traded by volume was Yangzijiang Shipbuilding, which dipped S$0.01 or 1 per cent to S$0.97 with 3.3 million shares traded. Singtel edged up S$0.01 or 0.4 per cent to S$2.35, with 2.5 million shares changing hands.

The trio of local lenders were up in early trade. DBS gained S$0.11 or 0.4 per cent to S$25.16, OCBC added S$0.07 or 0.7 per cent to S$10.10, while UOB put on S$0.03 or 0.1 per cent to S$22.82.

Shares of Singapore Exchange (SGX) also pulled higher, gaining S$0.08 or 0.9 per cent to S$9.10. DBS has announced that it will launch a crypto trading platform as early as next week. SGX will take a 10 per cent stake in the digital exchange, which will operate as a subsidiary of the banking group.

Other active counters include Singapore Airlines, which advanced S$0.09 or 2.1 per cent to S$4.44, and Sembcorp Marine, which rose 0.3 Singapore cent or 1.9 per cent to 16.5 cents.

Over on Wall Street, US stocks wobbled on Thursday, as investors mulled over disappointing jobless claims data and a stimulus gridlock.

The Dow Jones Industrial Average fell 69.55 points or 0.2 per cent to finish at 29,999.26, the broad-based S&P 500 lost 4.72 points or 0.1 per cent to 3,668.1, while the tech-rich Nasdaq Composite added 66.86 points or 0.5 per cent to 12,405.81.

Eurozone stocks hit a two-week low on Thursday, with banks taking a knock after the European Central Bank forecast a slower rebound in growth next year. The European Stoxx 600 index fell 0.4 per cent.

Elsewhere in Asia, Tokyo stocks opened marginally higher on Friday, with the market lacking a sense of direction. The benchmark Nikkei 225 index was up 0.1 per cent or 24.56 points at 26,780.80 in early trade, while the broader Topix put on 0.2 per cent or 4.04 points to 1,780.25.