Singapore stocks open higher on Wednesday; STI up 0.3%

SINGAPORE shares opened higher on Wednesday (Mar 30) to join the global rally on positive signals from the latest peace talks between Russia and Ukraine.

The Straits Times Index (STI) rose 0.3 per cent or 9.97 points to 3,443.87 as at 9.01 am. Gainers outnumbered losers 100 to 41, after 76.3 million securities worth S$94.6 million changed hands.

Sembcorp Marine was the most actively traded in terms of volume, with 16.5 million shares worth S$1.7 million changing hands at the open. The counter remained unchanged at S$0.10.

Shares of Japfa also saw brisk trading, rising S$0.07 or 10.8 per cent to S$0.72 after 3.1 million securities were transacted.

On Tuesday evening, the agri-food company announced its application to list the group's dairy unit in China, AustAsia Investment Holdings, on the mainboard of the Stock Exchange of Hong Kong. It is also proposing a distribution-in-specie of its entire shareholding in AustAsia, which will see eligible shareholders receiving AustAsia shares in proportion to their respective shareholdings in Japfa.

Singapore Telecommunications was among the most active index counters of the morning as 2.8 million of its shares changed hands in early trade. The telco's share price remained flat at S$2.64.

All 3 local banks booked share price gains on Wednesday morning. DBS and UOB each rose S$0.15 or 0.4 per cent and 0.5 per cent, respectively, to S$36.12 and S$32.31. OCBC was up S$0.03 or 0.2 per cent at S$12.42.

In the US, stocks rose on Tuesday with the Dow and S&P notching their fourth straight session of gains on hopes that Russia and Ukraine could resolve their ongoing conflict.

The Dow Jones Industrial Average rose 338.3 points or 1 per cent to 35,294.19, the S&P 500 gained 56.08 points or 1.2 per cent to 4,631.6 and the Nasdaq Composite added 264.73 points or 1.8 per cent to 14,619.64.

European shares rose on Tuesday to extend Wall Street gains with all major sectors in positive territory, led by automakers and banks.

The pan-European Stoxx 600 index climbed 1.6 per cent to its highest in nearly a month and extended gains to a third straight session. It is on course to end March with small gains - its first month in the black this year.

Elsewhere in Asia, Tokyo shares opened Wednesday lower, although the market remained generally buoyant amid the global rally.

The benchmark Nikkei 225 index eased 0.2 per cent or 44.20 points to 28,208.22, while the broader Topix index fell 0.6 per cent or 11.42 points to 1,980.24.