Singapore stocks open higher on Thursday; STI up 0.3%

SINGAPORE shares opened higher on Thursday, tracking gains on Wall Street overnight. The Straits Times Index (STI) was up 0.3 per cent or 8.37 points at 3,188.37 as at 9.03am.

Gainers outnumbered losers 100 to 42, with 80.5 million securities worth S$49.8 million changing hands.

The most active counter by volume was Jiutian Chemical, with 23.8 million shares worth S$2.1 million traded as at 9.03am. Its shares were down 0.5 Singapore cent or 5.4 per cent at 8.8 cents. The Catalist-listed company on Wednesday announced that it clocked a record half-yearly net profit of 160.3 million yuan (S$33.6 million), up from the 35.4 million yuan posted in the year-ago period.

Singtel was also heavily traded in the morning, with 5.4 million shares worth S$12.5 million changing hands. The counter was up S$0.03 or 1.3 per cent at S$2.34. The telco on Thursday posted a net profit of S$445 million for its first quarter ended June 30 compared with a net loss of S$20 million a year ago, on the back of an improved operating and business environment with the easing of Covid-19 restrictions.

Wilmar International also saw brisk trading. Its shares were up S$0.04 or 0.9 per cent at S$4.53. The agribusiness giant on Wednesday said its net profit for the first half of this year increased 23 per cent to US$750.9 million, from US$610.5 million in the year-ago period.

Banking stocks were up in early trade. DBS rose S$0.11 or 0.4 per cent to S$31.39, UOB gained S$0.01 or 0.04 per cent to S$26.80, while OCBC increased S$0.03 or 0.2 per cent to S$12.32.

In the US, major stock indices ended at record highs for the second straight session on Wednesday after a closely-watched report showed inflation moderating in July. The Dow Jones Industrial Average advanced 0.6 per cent to 35,484.97 for its second straight record. The broad-based S&P 500 also ended at a fresh record, up 0.3 per cent to 4,447.70, while the tech-rich Nasdaq Composite Index slipped 0.2 per cent to 14,765.14.

European shares hit record highs, clocking their longest winning streak in two months on Wednesday on optimism about an upbeat earnings season, while a slowing increase in US inflation calmed nerves around monetary policy tapering. The Stoxx 600 index rose 0.4 per cent to hit an all-time high for an eighth consecutive session, with gains led by retailers, banks and real estate stocks.

Elsewhere in Asia, Tokyo stocks opened higher on Thursday following rallies on Wall Street and other major markets, as fears around inflation increases abated in the US. The benchmark Nikkei 225 index rose 0.4 per cent or 101.08 points to 28,171.59 in early trade, while the broader Topix index advanced 0.5 per cent or 8.87 points to 1,962.95.