Singapore stocks rise at Wednesday's open; STI up 0.4%

SINGAPORE stocks rose in early trade on Wednesday (Apr 13) after Wall Street closed lower overnight.

The Straits Times Index (STI) rose 0.4 per cent or 14.05 points to 3,344.30 as at 9.02 am.

Gainers outnumbered losers 95 to 33 after 92.2 million securities worth S$63.2 million changed hands.

Sembcorp Marine was the most actively traded counter in terms of volume on Wednesday morning, with 28.2 million shares changing hands as at 9.02 am. The counter rose 0.9 per cent or S$0.001 to S$0.11.

Golden Agri-Resources was the second most actively traded counter in terms of volume. Its share price was up 1.6 per cent or S$0.005 at S$0.315, with 12.8 million shares traded.

Index counter Yangzijiang Shipbuilding was also actively traded, with 2.1 million shares changing hands, before it ended up 1.3 per cent or S$0.02 at S$1.62.

The trio of local banks were all in positive territory at the open, with DBS gaining 0.5 per cent or S$0.18 to S$33.42. UOB rose 0.3 per cent or S$0.09 to S$31.19, while OCBC climbed 0.3 per cent or S$0.04 to S$12.05.

Wall Street turned rally to sell-off on Tuesday, reversing earlier gains as impending monetary tightening from the Federal Reserve once again pulled growth stocks back into red territory.

All 3 major US stock indexes fell by 0.3 per cent each, dragged down by healthcare and financials. The Dow Jones Industrial Average fell 87.72 points to 34,220.36, the S&P 500 lost 15.08 points to 4,397.45 and the Nasdaq Composite dropped 40.38 points to 13,371.57.

European shares also fell on Tuesday, as Deutsche Bank and Commerzbank slumped after a big stake sale, while a US reading on inflation kept aggressive Fed tightening bets from ramping up. The pan-European Stoxx 600 index fell 0.3 per cent, paring some losses from earlier in the day, with healthcare stocks leading losses, and banks among the worst hit.

Elsewhere in Asia, Tokyo stocks opened higher on Wednesday in cautious trade, with the benchmark Nikkei 225 index up 0.4 per cent or 94.49 points at 26,429.47 in early trade, while the broader Topix index was up 0.2 per cent or 4.25 points at 1,867.88.

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