Singapore stocks open higher on Tuesday; STI up 1.4%

SINGAPORE stocks gained in early trade on Tuesday (Oct 4), after global markets finished on an uptrend.

The Straits Times Index (STI) rose 1.4 per cent or 42.18 points to 3149.3 as at 9.02am. Gainers outnumbered losers 162 to 20 after 87.4 million securities worth S$94.4 million changed hands.

Oceanus was the top traded security by volume on Tuesday, with 10.1 million shares changing hands as at 9.02am. The counter remained unchanged at S$0.012.

Among index counters, Mapletree Logistics Trust was the top gainer, rising 2.6 per cent or S$0.04 to S$1.57. Singtel shares meanwhile rose 1.2 per cent or S$0.03 to S$2.63 as at 9.02am.

Shares of shipbuilding and repairing company Marco Polo Marine were also actively traded on Tuesday, gaining 5.6 per cent or S$0.002 to S$0.038.

The trio of banks likewise saw gains on Tuesday morning. DBS was up 0.9 per cent or S$0.30 to S$33.45, while OCBC gained 2 per cent or S$0.24 to S$12.00. Shares of UOB also rose 0.9 per cent or S$0.24 to S$26.31.

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In the US, Wall Street equities staged a stunning rebound on Monday with gains over more than 2 per cent. A key manufacturing survey showing price pressures receding and demand slowing, helped buoy market sentiment, amid reviving hopes that the Federal Reserve might soon pull back on its aggressive interest rate hikes.

The Dow Jones Industrial Average jumped more than 760 points or 2.7 per cent to end the day at 29,490.89. The broad-based S&P 500 similarly gained 2.6 per cent to close at 3,678.43, while the tech-rich Nasdaq Composite Index rose 2.3 per cent to 10,815.44.

European shares also rose on Monday as a slew of bleak economic activity data helped ease some jitters around the pace of monetary policy tightening by central banks to stamp out runaway inflation.

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The region-wide Stoxx 600 index reversed earlier session losses to close up 0.7 per cent, as data showed manufacturing activity across the euro zone declined further in September, hurt by a growing cost-of-living crisis and soaring energy bills.

Tokyo stocks opened higher on Tuesday after Wall Street shares rebounded, but a North Korean missile test shortly before the opening bell provided a reminder of geopolitical risks to investors.

The benchmark Nikkei 225 index was up 1.8 per cent, or 477.51 points, to 26,693.30 in early trade, while the broader Topix index added 2 per cent, or 37.17 points, to 1,884.75.