Singapore stocks rise at Tuesday's open; STI up 0.8%
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SINGAPORE shares opened higher on Tuesday despite a negative lead on Wall Street overnight. The Straits Times Index (STI) rose 0.8 per cent or 23.43 points to 3,103.12 as at 9.02am. Gainers outnumbered losers 87 to 27, with 43.8 million securities worth S$49.7 million changing hands.
Sembcorp Marine was the most actively traded counter by volume with 7.1 million shares worth S$1.3 million traded within the first two minutes of market open. The counter rose 1.6 per cent or 0.3 Singapore cent to 18.8 cents.
Singapore Press Holdings also saw brisk trading, with 2.3 million shares worth S$3.8 million changing hands as at 9.02am. Its shares edged up 1.2 per cent or S$0.02 to S$1.64.
Among index stocks, Yangzijiang Shipbuilding was actively traded, with 2.3 million shares worth S$3.2 million traded as at 9.02am. The counter rose 1.4 per cent or S$0.02 to S$1.41.
The trio of local banks were all higher in early trade. UOB led the way, up 1.3 per cent or S$0.33 at S$25.51 within the first two minutes of trading. Meanwhile, DBS advanced 0.9 per cent or S$0.25 to S$29.45, while OCBC put on 1 per cent or S$0.12 to S$12.02 as at 9.02am.
Over on Wall Street, stock indices closed lower on Monday, with investors' fears of rising inflation dealing a blow to tech stocks. The Dow Jones Industrial Average closed 0.2 per cent lower at 34,327.79, the broad-based S&P 500 lost 0.3 per cent to 4,163.29, while the tech-rich Nasdaq Composite Index fell 0.4 per cent to 13,379.05.
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European shares ended flat on Monday, with the pan-European Stoxx 600 index closing flat amid slowing Chinese growth output and Covid-19 concerns and fresh restrictions, outweighing optimism on British economy reopening.
Elsewhere in Asia, Tokyo stocks opened higher on Tuesday, despite news of negative economic growth in Japan amid Covid-19's lingering impact. The benchmark Nikkei 225 index added 0.8 per cent, or 228.40 points, to 28,053.23 in early trade, while the broader Topix index edged up 0.6 per cent, or 11.82 points, to 1,890.68.
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