Singapore stocks rise at open as nation hits 80% vaccine threshold; STI up 0.6%

SINGAPORE shares started the week higher, tracking gains from other international markets which saw a boost after Fed chairman Jerome Powell's preference for a cautious approach on unwinding quantitative easing.

The Singapore bourse's stronger opening on Monday also came after Prime Minister Lee Hsien Loong on Sunday affirmed the Republic's need to preserve its status as a business hub and remain attractive to investors.

Separately, Health Minister Ong Ye Kung said in a Facebook post on Sunday that Singapore has hit its 80 per cent vaccine threshold, seen as key to easing Covid-19 restrictions.

The Straits Times Index (STI) advanced 0.6 per cent or 18.95 points to 3,099.72 as at 9.06am.

Gainers outnumbered losers 137 to 40, or about three securities up for every one down, after 112.1 million securities worth S$76.9 million changed hands.

One of the most active counters by volume was Sembcorp Marine, which held steady at 9.2 Singapore cents, with 9.9 million shares changing hands.

Other heavily traded securities include Thomson Medical, which rose 4.7 per cent or 0.4 Singapore cent to 8.9 cents, and Golden Agri-Resources, which was up 2.2 per cent or 0.5 Singapore cent to 23.5 cents.

Banking stocks rose in early trade. DBS was up 0.9 per cent or S$0.28 to S$30.38, UOB rose 0.6 per cent or S$0.14 to S$25.82, while OCBC advanced 0.9 per cent or S$0.10 to S$11.65.

Other active index counters include Singtel, which gained 0.4 per cent or S$0.01 to S$2.37, and ComfortDelGro, which climbed 1.8 per cent or S$0.03 to S$1.66.

Both the US and Europe markets ended higher on Friday, after Mr Powell signalled the US central bank could slow its stimulus by the end of the year but is in no rush to raise interest rates.

The Dow Jones Industrial Average gained 0.7 per cent to end at 35,455.80, the broad-based S&P 500 rose 0.9 per cent to 4,509.37, its first close over the 4,500 mark, while the tech-rich Nasdaq Composite Index jumped 1.2 per cent to 15,129.50.

In Europe, the pan-European Stoxx 600 index closed 0.4 per cent higher, with mining stocks up 1.9 per cent and real estate counters adding 1.5 per cent.

Elsewhere in Asia, Tokyo stocks opened higher on Monday. The benchmark Nikkei 225 index advanced 0.8 per cent to 27,848.50 in early trade, while the broader Topix index climbed 0.8 per cent to 1,944.81.