Singapore stocks upbeat on Monday’s open; STI up 0.3%
Yong Hui Ting
SINGAPORE stocks climbed in early trade on Monday (Aug 12) following a slight rebound in the US market on Friday.
The Straits Times Index (STI) rose 0.3 per cent, or 11.08 points, to 3,274.03 as at 9.02 am. Gainers outnumbered losers 86 to 40 after 52.3 million shares worth S$57 million changed hands.
Marine logistics group MarcoPolo Marine was among the top traded counters by volume on Monday, gaining 5 per cent or S$0.002 to S$0.042 as 3 million shares were traded.
E-commerce company Y Ventures was also heavily traded with more than 2.2 million shares changing hands. The counter gained nearly 8 per cent or S$0.003 to S$0.041.
The top traded index counter by volume was Thai Beverage . Shares opened flat at S$0.64 while 1.8 million shares were traded at the early trade on Monday.
The trio of local banks began Monday’s trading session in a sea of green. DBS grew 1 per cent, or S$0.32, to S$33.69, OCBC gained 0.6 per cent or S$0.07 to S$12.22 while UOB rose 0.2 per cent or S$0.06 to S$27.39.
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Over on Wall Street, stocks were up on its first weekly gain since mid-August as investors went on a buying spree, shrugging off concerns about the economic outlook. Analysts said this week’s market recovery was more related to previous overselling as uncertainty remained high about inflation and the Federal Reserve’s aggressiveness in interest rate hikes.
The Dow Jones Industrial Average rose 377.19 points or 1.2 per cent to 32,151.71, the S&P 500 gained 61.18 points or 1.5 per cent to 4,067.36 and the Nasdaq Composite added 250.18 points or 2.1 per cent to 12,112.31.
Europe stocks were likewise upbeat, boosted by a surge in banking shares on expectations of further monetary policy tightening by the European Central Bank (ECB), while soaring metal prices lifted mining stocks.
The pan-European Stoxx 600 index rose 1.5 per cent to close at over 1-week highs.
Closer to home, Tokyo shares also tracked the upbeat global sentiment. The benchmark Nikkei 225 index was up 1 per cent, or 269.59 points, at 28,484.34 in early trade, while the broader Topix index was up 0.8 per cent, or 14.83 points, at 1,980.36.
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