Singapore stocks track global gains to open Thursday higher; STI up 0.3%

SINGAPORE stocks began trading in positive territory on Thursday (Aug 11) after global markets ended on an uptick overnight, buoyed by better-than-expected US inflation data.

The Straits Times Index (STI) rose 0.3 per cent or 8.33 points to 3,294.66 as at 9.01 am.

Gainers outnumbered losers 118 to 30 after 54.5 million securities worth S$56.9 million changed hands.

Sembcorp Marine was the most actively traded counter in the morning with 8.4 million shares transacted. The counter remained flat at S$0.119.

Keppel Infrastructure Trust also saw brisk trading, rising S$0.005 or 0.9 per cent to S$0.58 after 4.2 million units changed hands.

Among index counters, Genting Singapore gained S$0.01 or 1.2 per cent to S$0.835 with 2.3 million shares traded.

The trio of local banks were in the green at Thursday's open. DBS rose S$0.16 or 0.5 per cent to S$33.40, OCBC inched up S$0.04 or 0.3 per cent to S$12.41, while UOB climbed S$0.11 or 0.4 per cent to S$27.26 in early trade.

Over in the US, stocks surged on Wednesday on better-than-expected inflation data that raised hopes the Federal Reserve might ease up on its aggressive interest rate hikes.

The Dow Jones Industrial jumped 1.6 per cent to end the day at 33,309.51. The broad-based S&P 500 surged 2.1 per cent to 4,210.24, and the tech-rich Nasdaq Composite Index surged 2.9 per cent to finish at 12,854.81.

European shares ended Wednesday higher after reversing sharply from earlier in the session, tracking gains on Wall Street.

The pan-European Stoxx 600 index jumped 0.9 per cent to end at 439.88, closing its best session in nearly 2 weeks.

Elsewhere in Asia, Tokyo markets were closed on Thursday in observance of a public holiday. They will resume trading on Friday.

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