Singapore stocks open higher on Monday; STI up 0.3%

SINGAPORE shares opened higher on Monday, tracking positive Wall Street leads and extending gains in the local market last week.

The benchmark Straits Times Index (STI) rose 0.3 per cent or 8.35 points to 3,166.30 at 9.01am. Gainers outnumbered losers 113 to 25 with 108.95 million securities worth S$79.9 million changing hands.

Jiutian Chemical was the most active counter with 15.7 million shares worth S$1.4 million traded within the minute. The counter rose 2.3 per cent or 0.2 Singapore cent to 8.8 cents.

Sembcorp Marine also saw a high volume of its securities traded, with 11.5 million shares worth S$1.9 million changing hands as at 9.01am. The counter was up 1.2 per cent or 0.2 Singapore cent at 16.4 cents.

Among index stocks, Singtel saw brisk trading, with 2.4 million shares worth S$5.9 million traded within the minute. Shares of Singtel rose 1.2 per cent or S$0.03 to S$2.47.

The local banks were mixed in early trade. UOB rose 0.7 per cent or S$0.18 to S$25.86, while DBS edged up 0.1 per cent or S$0.04 to S$28.63 as at 9.01am. However, OCBC bucked the trend, slipping 0.3 per cent or S$0.03 to S$11.77.

Over on Wall Street, equities rose in a broad-based rally on Friday, with technology, healthcare and financial stocks providing the biggest lift as investors bet on a recovery that is expected to deliver the fastest economic growth since 1984. The Dow Jones Industrial Average rose 453.4 points or 1.4 per cent to 33,072.88, the broad-based S&P 500 gained 65.02 points or 1.7 per cent to 3,974.54, while the Nasdaq Composite added 161.05 points or 1.2 per cent to 13,138.73.

Meanwhile, European stocks ended the week close to all-time highs, as investors shrugged off worries about a third wave of coronavirus infections and focused on prospects of a solid global economic recovery. The pan-European Stoxx 600 index closed 0.8 per cent higher on Friday, just enough to register its fourth straight weekly rise.

Elsewhere in Asia, Tokyo stocks opened higher on Monday. The benchmark Nikkei 225 index was up 1 per cent or 277.97 points at 29,454.67 in early trade, while the broader Topix index advanced 0.7 per cent or 14.24 points to 1,998.40.

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