Singapore stocks rise at Monday's open; STI up 0.3%

SINGAPORE shares started the week higher on Monday (Oct 11), as the Republic announced it would open travel lanes for vaccinated individuals from more countries, despite tightening rules for the unvaccinated.

The Straits Times Index (STI) was up 0.3 per cent or 7.81 points at 3,120.62 as at 9.04am. Gainers outnumbered losers 94 to 60, after 249.5 million securities worth S$107.6 million changed hands.

One of the most actively traded counters by volume was Genting Singapore G13 , which saw 17 million of its shares worth S$12.6 million traded as at 9.04am. Its shares gained S$0.035 or 4.8 per cent to S$0.76.

Singapore Airlines C6L was also actively traded, with 5.1 million shares worth S$27.9 million changing hands. The counter jumped S$0.41 or 8 per cent to S$5.54.

On Saturday (Oct 9), Singapore announced that it would expand its Vaccinated Travel Lane scheme to an additional nine countries, allowing fully vaccinated travellers from Singapore and these nations to enjoy quarantine-free travel both ways.

Among index stocks, Yangzijiang Shipbuilding BS6 saw brisk trading, with 4.8 million shares worth S$6.7 million traded. Its shares were up S$0.02 or 1.4 per cent at S$1.41.

The trio of local banks were mixed in early trade. DBS D05 fell S$0.04 or 0.1 per cent to S$30.39, UOB U11 gained S$0.03 or 0.1 per cent to S$26.32, while OCBC O39 was flat at S$11.62.

In the US, the broad-based S&P 500 ended lower on Friday (Oct 8) after data showed weaker-than-expected jobs growth for September, with investors still expecting the Federal Reserve to begin tapering asset purchases this year.

The Dow Jones Industrial Average dipped 0.03 per cent to end at 34,746.25, the S&P 500 lost 0.2 per cent to 4,391.36, while the tech-rich Nasdaq Composite dropped 0.5 per cent to 14,579.54. All three indices posted weekly gains.

Meanwhile, European stocks ended a volatile session lower on Friday (Oct 8) as investors digested data showing slowing jobs growth in the US, but they still marked their best week in two months as fears of soaring inflation were tempered.

The pan-European Stoxx 600 rose 1 per cent on the week as relief over a temporary lifting of the US debt ceiling and easing fears of an energy crunch calmed rising oil and gas prices which had triggered inflation worries.

Elsewhere in Asia, Tokyo stocks opened lower on Monday (Oct 11) as investors continue to fret over inflationary pressures that drove down Wall Street stocks.

The Nikkei 225 index slipped 0.5 per cent or 142.16 points to 27,906.78, though the broader Topix index edged up 0.1 per cent or 1.28 points to 1,963.13.