Singapore stocks open higher on Tuesday; STI up 0.7%

Tan Nai Lun
Published Tue, Aug 24, 2021 · 01:43 AM

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    SINGAPORE shares opened higher on Tuesday, tracking gains on Wall Street. The Straits Times Index (STI) rose 0.7 per cent or 21.82 points to 3,109.38 as at 9.02am.

    Gainers outnumbered losers 99 to 33, with 61.0 million securities worth S$61.1 million changing hands.

    The most active counter by volume was Oceanus, with 14.5 million shares worth S$520,000 traded as at 9.02am. Its shares were flat at 3.6 Singapore cents. The company on Monday announced the incorporation of a new subsidiary in China to "trade in global food supply chain management and strengthen food security within the region". It also said that Singapore Exchange Regulation was "in close communication" with Oceanus on its application to exit the SGX watch list.

    Among index stocks, Singtel and Genting Singapore saw brisk trading in the morning. The telco had 3.0 million shares worth S$7.2 million traded, and was up S$0.03 or 1.3 per cent at S$2.39. Meanwhile, the hospitality and integrated resorts group had 4.8 million shares worth S$3.9 million changing hands to trade flat at 79.5 cents.

    Banking stocks were up in early trade. DBS rose S$0.24 or 0.8 per cent to S$30.30, UOB gained S$0.21 or 0.8 per cent to S$26.18, while OCBC was up S$0.11 or 1.0 per cent to S$11.72.

    In the US, Wall Street rallied on Monday amid the full FDA approval of a Covid-19 vaccine and market participants looked ahead to the Jackson Hole Symposium expected to convene later this week. The Dow Jones Industrial Average rose 0.6 per cent to 35,335.71, the S&P 500 gained 0.9 per cent to 4,479.53 and the Nasdaq Composite, which reached an all-time closing high, added 1.6 per cent to 14,942.65.

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    Meanwhile, European stocks recovered from their biggest weekly loss in nearly six months on Monday, helped by mining and oil stocks as commodity prices bounced back from steep losses driven by uncertainty over US monetary policy and rising Covid-19 cases. The pan-European Stoxx 600 index closed 0.7 per cent higher after losing nearly 1.5 per cent last week.

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