Singapore shares edge up at Tuesday’s open; STI up 0.3%

SINGAPORE stocks opened stronger on Tuesday (Aug 22) following overnight gains on the global market.

Singapore’s Straits Times Index (STI) rose 0.3 per cent or 8.68 points to 3,162.71 as at 9.02 am.

Gainers outnumbered losers 58 to 45, after 32.3 million securities worth S$52.2 million changed hands.

The most active counter by volume was Lendlease Reit , which gained 0.8 per cent, or S$0.005, to S$0.60, after 2.5 million units were transacted.

Other heavily traded securities included Singtel , which gained 0.4 per cent, or S$0.01, to S$2.35, with 2.3 million shares transacted, and Seatrium , which rose 0.8 per cent or S$0.001 to S$0.135.

Banking stocks traded mixed on Tuesday morning. DBS gained 0.6 per cent or S$0.20 to S$32.72, while OCBC was trading flat at S$12.21. UOB lost 0.1 per cent, or S$0.03, slipping to S$27.75.

US indices closed Monday mixed. Investors were optimistic about upcoming earnings, and the technology sector boosted the S&P 500 and Nasdaq significantly, but interest rate concerns persisted ahead of Thursday’s Jackson Hole meeting.

The tech-rich Nasdaq Composite Index finished up 1.56 per cent at 13,497.59. The broad-based S&P 500 advanced 0.69 per cent to 4,399.77, while the Dow Jones Industrial Average fell 0.11 per cent to 34,463.69

In Europe, shares ended a four-day losing streak as gains in the energy and mining sectors tracked increases in global commodity prices.

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The pan-European Stoxx 600 index rose 0.1 per cent after gaining as much as 0.9 per cent intraday.