Singapore stocks rise at Wednesday's open; STI up 0.1%

SINGAPORE stocks rose in early trade on Wednesday morning, even as Wall Street's seven-day streak ended at market close.

The Straits Times Index (STI) rose 0.1 per cent or 3.20 points to 3,108.71 as at 9.02 am. Gainers outnumbered losers 62 to 43 after 54.3 million securities worth S$39.7 million changed hands.

Koh Brothers Eco Engineering shares were the most actively traded securities, with 26.1 million shares being traded within the first two minutes of the open. The counter rose 1.2 per cent or 0.1 Singapore cents to 8.7 cents.

Among index counters, Jardine Matheson was the top gainer, rising 1.1 per cent or US$0.73 to US$65.22 as at 9.05am. On the other hand, Dairy Farm was the top loser as it fell 1.1 per cent or US$0.05 to US$4.37.

The trio of local banks were also trading in a mixed session on Wednesday morning, with only UOB rising. DBS was down 0.5 per cent or S$0.13 to S$27.77. UOB rose 0.2 per cent or S$0.05 to S$25.45. OCBC slipped 0.3 per cent or S$0.03 to S$11.59 in the first five minutes of early trade.

In the US, Wall Street's seven-day winning streak ended amid underwhelming economic data and uncertainty around the Federal Reserve's two-day monetary policy meeting. However, tech stocks gained as the market closed on Tuesday.

The Dow Jones Industrial Average slipped 0.4 per cent to 32,825.95 to end the day and the broad-based S&P 500 fell 0.2 per cent to finish at 3,962.71. The tech-rich Nasdaq Composite gained 0.1 per cent to finish at 13,471.57 at market close.

European shares closed higher on Tuesday as hopes for economic recovery pushed the climb, ending at 0.9 per cent. The pan-European Stoxx 600 index was up seven points, ending at a record high of 433.90.

Elsewhere in Asia, Tokyo stocks opened lower on Wednesday morning, tracking the movements on Wall Street. The benchmark Nikkei 225 index was down 0.29 per cent or 87.54 points at 29,833.55 in early trade, while the broader Topix index slipped 0.45 per cent or 8.93 points to 1,972.57.

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