Singapore stocks rise at Tuesday's open, tracking global gains; STI up 0.2%
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SINGAPORE shares opened slightly higher on Tuesday (Nov 2), following overnight gains on Wall Street and in the European market.
The Straits Times Index (STI) edged up 0.2 per cent or 5.13 points to 3,224.18 as at 9.03 am. Gainers outnumbered losers 89 to 59, after 107.5 million securities worth S$87 million changed hands.
The most active counter by volume was Jiutian Chemical C8R , which lost 7 per cent or S$0.006 to S$0.081, with 22.7 million shares changing hands.
Other heavily traded securities include Hatten Land PH0, which was flat at S$0.07 with 7.1 million shares traded, and Yangzijiang Shipbuilding BS6 , which fell 5.7 per cent or S$0.08 to S$1.32, with 7.9 million shares changing hands.
The mainboard-listed shipbuilder on Monday (Nov 1) posted a 20.8 per cent drop in gross profit for the third quarter ended Sep 30 despite a 25 per cent rise in revenue, as higher raw material costs squeezed shipbuilding margins.
Banking stocks were mixed in early trade. DBS D05 was up 0.9 per cent or S$0.30 to S$32.17, UOB U11 advanced 0.9 per cent or S$0.25 to S$27.12, while OCBC O39 lost 0.2 per cent or S$0.02 to S$11.93.
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In the US, stocks finished at fresh records on Monday, extending a recent rally ahead of key economic data and central bank announcements later in the week.
The Dow Jones Industrial Average ended 0.3 per cent higher at 35,913.84, the broad-based S&P 500 rose 0.2 per cent to 4,613.67, while the tech-rich Nasdaq Composite Index climbed 0.6 per cent to 15,595.91.
European stocks closed at record highs on Monday on the back of strong earnings. Expectations of interest rate hikes also supported bank stocks, which jumped 1.4 per cent. The pan-European Stoxx 600 closed 0.7 per cent higher at 478.87 points.
Elsewhere in Asia, Tokyo stocks started Tuesday lower on profit-taking following a strong rally in the previous session. The Nikkei 225 dropped 0.5 per cent to 29,495.33 in early trade, while the broader Topix index slipped 0.2 per cent to 2,039.91.
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