Singapore stocks open higher on Tuesday; STI up 0.5%

SINGAPORE shares opened higher on Tuesday (Mar 29), extending gains on Wall Street on hopes over peace talks between Russia and Ukraine.

The Straits Times Index (STI) gained 0.5 per cent or 15.32 points to 3,447.31 as at 9.03 am. Gainers outnumbered losers 101 to 33, after 84.1 million securities worth S$74.4 million changed hands.

The most actively traded counter by volume was Sembcorp Marine (Sembmarine), which saw 37.5 million of its shares worth S$3.8 million traded at 9.03 am. Its shares were flat at S$0.103.

Sembmarine on Tuesday gave notice that it recorded 3 consecutive years of pre-tax losses, based on its audited full-year consolidated accounts. However, the group still meets the financial entry criteria to avoid being placed on the Singapore Exchange's watch list with a 6-month average daily market capitalisation of S$2.6 billion as at Mar 28.

Among index stocks, Singtel saw brisk trading, with 2.1 million shares worth S$5.5 million changing hands. Its shares were up S$0.01 or 0.4 per cent at S$2.66.

Its technology services arm NCS on Monday said it is acquiring Melbourne-based digital services company ARQ Group for A$290 million (S$296.8 million).

ComfortDelGro was also actively traded, with 1.4 million shares worth S$2.2 million changing hands. The counter was up S$0.03 or 2 per cent at S$1.51.

The transport company will be temporarily increasing distance fares on all its taxis from Apr 4 by 1 Singapore cent every 400 m, and every 350 m after 10 km. Waiting-time fees will go up by 1 cent every 45 seconds, said the group in a press statement on Monday.

The trio of local banks were up in early trade. DBS gained S$0.06 or 0.2 per cent to S$36.22, UOB rose S$0.07 or 0.2 per cent to S$32.45, while OCBC was up S$0.06 or 0.5 per cent to S$12.47.

In the US, Wall Street stocks rose on Monday on hopes over peace talks between Russia and Ukraine, while oil prices tumbled with worries over the hit of Covid-19 to Chinese energy demand.

The Dow Jones Industrial Average advanced 0.3 per cent to 34,955.89, the broad-based S&P 500 gained 0.7 per cent to 4,575.52, while the tech-rich Nasdaq Composite Index jumped 1.3 per cent to 14,354.90.

Meanwhile, European shares gained on Monday, led by automakers and defensive sectors, as hopes for a peace deal between Russia and Ukraine boosted sentiment, while a drop in crude prices pressured oil stocks.

The pan-European Stoxx 600 index firmed 0.1 per cent. The benchmark is about 8 per cent away from its all-time high hit in early January.

Elsewhere in Asia, Tokyo stocks opened higher on Tuesday, extending US gains on hopes over peace talks between Russia and Ukraine, while investors also bought shares to gain rights to receive dividends.

The benchmark Nikkei 225 index was up 0.7 per cent or 202.40 points at 28,146.29 in early trade, while the broader Topix index was up 0.5 per cent or 8.83 points at 1,982.20.