Singapore stocks open higher on Thursday; STI up 1.8%

SINGAPORE shares opened higher on Thursday (Feb 3) after the Chinese New Year holidays, tracking gains on Wall Street.

The Straits Times Index (STI) grew 1.8 per cent or 59.88 points to 3,309.47 as at 9.04 am. Gainers outnumbered losers 138 to 38, after 86.9 million securities worth S$243.5 million changed hands.

One of the most actively traded counters by volume was CapitaLand Integrated Commercial Trust C38U , which saw 5.2 million of its units worth S$10.3 million traded in the morning. Its units gained S$0.04 or 2.1 per cent to S$1.98.

The trio of local banks were up in early trade. DBS D05 gained S$0.96 or 2.7 per cent to S$36.16, UOB U11 grew S$1.26 or 4.2 per cent to S$31.22, while OCBC O39 was up S$0.32 or 2.6 per cent to S$12.79.

Among index stocks, Singtel Z74 saw brisk trading, with 4.9 million shares worth S$12.1 million changing hands. Its shares were up S$0.06 or 2.5 per cent at S$2.49.

The telecommunications company on Thursday said it inked a joint development agreement with energy supplier Gulf Energy and mobile phone operator Advanced Info Services to jointly develop and operate data centres in Thailand.

CapitaLand Investment 9CI was also actively traded, with 2.3 million shares worth S$8 million changing hands. The counter was up S$0.03 or 0.9 per cent at S$3.48.

The real estate investment manager on Thursday said its wholly-owned lodging business unit, The Ascott Limited, is acquiring a freehold student accommodation asset in Nebraska, US.

In the US, equities capped a 4-day winning streak by closing higher on Wednesday despite weak employment figures, amid receding fears the Federal Reserve will pull out the big guns to fight inflation.

The benchmark Dow Jones Industrial Average gained 0.6 per cent to finish at 35,629.33, the broad-based S&P 500 popped up 0.9 per cent to 4,589.38, while the tech-rich Nasdaq Composite Index advanced 0.5 per cent to close at 14,417.55.

Meanwhile, European shares closed higher for a third straight session on Wednesday as strong fourth-quarter earnings and deal-making possibilities outweighed concerns over interest rate hikes ahead of key central bank decisions due on Thursday. The pan-European Stoxx 600 rose 0.5 per cent.

Elsewhere in Asia, Tokyo stocks opened lower on Thursday as investors' worries grew over the intensifying crisis in Ukraine. The benchmark Nikkei 225 index dropped 0.9 per cent or 242.42 points at 27,291.18, while the broader Topix index fell 0.5 per cent or 9.19 points at 1,927.37.