Singapore stocks rise at open after Q3 GDP results; STI up 0.3%

SINGAPORE shares opened higher on Wednesday (Nov 24) following news that the country's gross domestic product growth came in at 7.1 per cent in Q3, versus a preliminary figure of 6.5 per cent.

The Republic also narrowed its full-year growth forecast for 2021 to "around 7 per cent", at the high end of a previous 6-7 per cent forecast range.

The Straits Times Index (STI) moved up 0.3 per cent or 8.5 points to 3,236.03 as at 9.03 am.

Gainers outnumbered losers 93 to 39, after 80.7 million securities worth S$81.4 million changed hands.

Yangzijiang Shipbuilding (Holdings) BS6 was the most traded in terms of volume, rising S$0.06 or 4.6 per cent to S$1.36 after 16.9 million shares changed hands.

Market entrant Mooreast 1V3 was also actively traded at the open, unchanged at S$0.30 after 10.1 million shares changed hands. The Catalist-listed mooring solutions provider's initial public offering were subscribed by 1.3 times.

Index counter Mapletree Logistics Trust M44U was among the most actively traded securities on Wednesday morning, with 5.3 million shares traded. The counter fell by S$0.05 or 2.6 per cent to S$1.90 after announcing the pricing of its private placement at S$1.88 per new unit and its preferential offering at S$1.84.

The trio of local banks rose in morning trade. DBS D05 was up S$0.09 or 0.3 per cent to S$32.48, UOB U11ticked up S$0.07 or 0.3 per cent to S$27.67, while OCBC O39 gained S$0.02 or 0.2 per cent to S$11.78 as at 9.03 am.

Over on Wall Street, US stocks ended on a mixed day on Tuesday (Nov 23) as rising Treasury yields prompted investors to sell Tesla and other big tech names and buy stocks with lower valuations.

The tech-rich Nasdaq Composite dropped 0.5 per cent to 15,775.14, losing about 1.8 per cent from Friday (Nov 19) when it closed at its highest level ever, while the broad-based S&P 500 gained 0.2 per cent to 4,690.7.

The benchmark Dow Jones Industrial average also ended higher, rising 0.6 per cent to 35,813.8 points.

Meanwhile, European shares slumped to a 3-week low on Nov 23, clocking their worst session in nearly 2 months, as a resurgence in Covid-19 cases raised fears of tighter restrictions, while energy stocks and miners rose on higher commodity prices.

The pan-European Stoxx 600 shed 1.3 per cent to end at 479.25 points, with only the oil and gas, and basic resources sectors trading higher. Energy stocks got a lift from rising oil prices after a move by the United States to tap into emergency reserves.

Elsewhere in Asia, Tokyo stocks opened lower on Wednesday, as investors are sceptical about a US-led plan for a coordinated release of strategic oil reserves by several countries.

The benchmark Nikkei 225 index was down 0.3 per cent at 29,677.13 in early trade, while the broader Topix index slipped 0.2 per cent to 2,039.70.