The Business Times

Singapore stocks open higher on Monday to track Wall Street gains; STI up 0.9%

Russell Marino Soh
Published Mon, Oct 31, 2022 · 09:49 AM

SINGAPORE stocks opened stronger on Monday (Oct 31) morning, mirroring robust gains in the US from Friday.

As at 9.01 am, the Straits Times Index (STI) rose 0.9 per cent or 28.69 points to 3,087.88. Gainers outnumbered losers 96 to 22 after 30 million securities worth S$46.5 million changed hands.

Sembcorp Marine was the top-traded counter for a second consecutive trading day, remaining unchanged at S$0.126 with 5.9 million shares traded. This comes after the group’s announcement on Thursday of simplified plans for its proposed merger with Keppel Corp’s O&M unit.

ESR-Logos Reit also saw brisk trading activity at the open with 2.5 million shares transacted, following news that its gross revenue and net property income for the third quarter ended Sep 30 had increased more than 50 per cent from the previous year. The counter gained 1.5 per cent or S$0.005 to S$0.34.

Sheng Siong saw 1.4 million of its shares traded, remaining flat at S$1.56. The company reported on Thursday that its net profit had declined 4.6 per cent in the third quarter ended Sep 30, compared with a year ago.

The trio of local banks were also up in early trade, led by UOB, which increased 1.2 per cent or S$0.31 to S$27.37. DBS rose 0.8 per cent or S$0.26 to S$34.04, while OCBC hiked 0.4 per cent or S$0.05 to S$12.04. 

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In the US, stocks rallied Friday, propelled by big gains in Apple after solid earnings and positive momentum amid hopes of a pivot in Federal Reserve policy.

The Dow Jones Industrial Average finished up 2.6 per cent at 32,861.8 for its sixth straight positive session. The broad-based S&P 500 gained 2.5 per cent to 3,901.06, while the tech-rich Nasdaq Composite Index jumped 2.9 per cent to 11,102.45.

Meanwhile, European shares closed higher on Friday, as upbeat cues from Wall Street helped offset early losses emanating from weaker commodity prices and mixed earnings reports.

After falling as much as 1.1 per cent earlier, the pan-European Stoxx 600 index rose as the session wore on, closing up 0.1 per cent at a fresh five-week high of 410.76.

Elsewhere in Asia, Tokyo stocks also opened higher on Monday as investors took heart from Wall Street rallies.

The benchmark Nikkei 225 index was down 0.9 per cent or 250.72 points at 27,094.52 in early trade, while the broader Topix index was down 0.5 per cent or 10.26 points at 1,895.3. 

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