Singapore stocks open higher on Monday tracking US gains; STI up 0.6%
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SINGAPORE stocks opened higher on Monday (Jun 27) morning, following US equities’ rally on Friday.
The Straits Times Index (STI) gained 0.6 per cent or 18.79 points to 3,130.44 as at 9.01 am. Advancers outnumbered decliners 100 to 17 after 60 million securities worth S$56.7 million changed hands.
Sembcorp Marine was the top traded counter by volume, gaining 0.9 per cent or S$0.001 to S$0.109 with some 7.3 million units traded as at 9.02 am.
Other heavily traded securities include watchlisted Mencast , which surged 5.3 per cent or S$0.003 to S$0.06 with 4.5 million shares changing hands, as well as Golden Agri-Resources , which rose 2 per cent or S$0.005 to S$0.255 with 3.1 million shares traded in the morning.
Among index counters, ThaiBev saw brisk trading with 3.7 million shares changing hands at the open. It was up 0.8 per cent or S$0.005 to S$0.65.
The trio of local banks were mixed in early trade. As at 9.02 am, DBS advanced 1.1 per cent or S$0.32 to S$30.13, UOB opened 0.6 per cent or S$0.15 higher at S$26.55 and OCBC gained 0.6 per cent or S$0.07 to S$11.40.
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In the US, indexes rallied on Friday as signs of slowing economic growth and a recent pullback in commodity prices tempered expectations for the Federal Reserve’s rate-hike plans.
The S&P 500 saw its biggest 1-day percentage rise since May 2020, finishing or 3.06 per cent or 116.01 points higher at 3,911.74. The Dow Jones Industrial Average ended up 2.68 points or 823.32 points at 31,500.68 and the Nasdaq Composite added 3.34 per cent or 375.43 points to 11,607.62.
In Europe, the pan-European Stoxx 600 index broke a 3-week losing streak to mark its best session in more than 3 months.
The benchmark index posted weekly gains of 2.4 per cent thanks to Friday’s surge, which came as investors started to scale back central bank tightening bets, spurring inflows into risky assets.
Elsewhere in Asia, Tokyo tracked US gains to open higher on Monday.
The benchmark Nikkei 225 index was up 1.02 per cent or 271.1 points at 26,763.07 in early trade, while the broader Topix index was up 1 per cent or 18.6 points at 1,885.32.
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