The Business Times

Singapore stocks open slightly higher on Thursday; STI up 0.1%

Tan Nai Lun
Published Thu, Jul 8, 2021 · 09:52 AM

SINGAPORE shares opened slightly higher on Thursday, tracking gains on Wall Street. The Straits Times Index (STI) was up 0.1 per cent or 1.72 points at 3,143.32 as at 9.01am.

Gainers outnumbered losers 90 to 58, with 62.1 million securities worth S$51.5 million changing hands.

The most active counter by volume was Metal Component Engineering, with 9.9 million shares worth S$600,000 traded as at 9.01am. Its shares were up 0.6 Singapore cent or 10.7 per cent to 6.2 cents. The mechanical manufacturing solutions provider announced on Thursday morning that it had obtained in-principle approval from the Singapore Exchange (SGX) to list new shares related to its proposed acquisition of Gainhealth.

City Developments was also actively traded in the morning, down S$0.21 or 3 per cent to S$6.80. This came after Wednesday's news that its 51 per cent-owned Chongqing Sincere Yuanchang Industrial Co may undergo a court-led restructuring after a bankruptcy application was filed against it.

Banking stocks were mixed in early trade. UOB gained S$0.13 or 0.5 per cent to S$26.06, OCBC rose S$0.03 or 0.3 per cent to S$11.92, but DBS fell S$0.06 or 0.2 per cent to S$30.03.

In the US, stocks ended higher on Wednesday, with the S&P 500 and Nasdaq notching record closing highs after minutes from the recent Federal Reserve meeting indicated officials may not be ready yet to move on tightening policy.

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The Dow Jones Industrial Average rose 104.42 points or 0.3 per cent to 34,681.79, the broad-based S&P 500 gained 14.59 points or 0.3 per cent to 4,358.13, while the tech-rich Nasdaq Composite edged up 1.42 points or 0.01 per cent to 14,665.06.

European stocks rose on Wednesday as commodity-linked counters recovered from sharp falls in the previous session, while lower bond yields kept supporting highly valued technology shares. The pan-European Stoxx 600 rose 0.8 per cent, a day after the index snapped a three-day winning streak as worries about the global economy led to a bond market rally that pushed US and eurozone bond yields lower.

Elsewhere in Asia, Tokyo shares opened lower on Thursday as investors grew wary of possible gloom ahead as Japan looked to impose further anti-infection measures, although strong Wall Street performance provided support.

The benchmark Nikkei 225 index slipped 0.1 per cent or 23.96 points to 28,342.99 in early trade, while the broader Topix index dipped 0.02 per cent or 0.45 point to 1,937.23.

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