Singapore shares climb at Wednesday’s open amid factory output growth; STI up 0.5%

SINGAPORE stocks advanced at the opening bell on Wednesday (Mar 27) morning, following higher-than-expected growth in the city-state’s February factory output.

Data released by the Economic Development Board on Tuesday showed that Singapore’s factory output grew 3.8 per cent in February, exceeding private-sector economist estimates of 0.5 per cent. 

As at 9.01 am, the Straits Times Index (STI) gained 15.37 points or 0.5 per cent to 3,248.70. Across the broader market, gainers outnumbered losers 73 to 37 after 34.8 million securities worth S$50.4 million changed hands. 

Seatrium was the most heavily traded counter by volume. It rose 1.2 per cent or S$0.001 to S$0.082 after five million securities were transacted. 

Other companies that were briskly transacted included Global Invacom – which was up S$0.002 or 3.7 per cent at S$0.056 – and Thai Beverage which remained unchanged at S$0.485. Both companies had a volume of 2.2 million and 2.1 million securities exchanged, respectively.

Banking stocks were up in early trade. DBS climbed S$0.30 or 0.8 per cent to S$36.38, and OCBC rose S$0.07 or 0.5 per cent to S$13.77. UOB advanced S$0.15 or 0.5 per cent to S$29.40. 

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Over on Wall Street, US stocks slid on Tuesday following the release of vapid consumer data by The Conference Board which revealed a slight dip in US consumer confidence in March. The Dow Jones Industrial Average shed 0.1 per cent to 39,282.33, and the broad-based S&P 500 declined 0.3 per cent to 5,203.58. The tech-heavy Nasdaq Composite Index sank 0.4 per cent to 16,315.70. 

In Europe, shares closed at a record high on Tuesday, uplifted by the signalling of rate cuts this year by central bankers, and a boost in technology stocks aligned with the buzz over artificial intelligence. 

The pan-European Stoxx 600 closed 0.2 per cent higher at 511.09.