Singapore shares extend rally at Wednesday’s open; STI up 0.4%

SINGAPORE stocks started off strong in early trading on Wednesday (Oct 11), following overnight gains in global markets.

The Straits Times Index (STI) rose 0.4 per cent or 12.94 points to 3,212.01 as at 9.02 am. Gainers outnumbered losers 76 to 31 after 44.1 million securities worth S$71.8 million changed hands.

The most active counter by volume was Seatrium , which rose 1.6 per cent or S$0.002 to S$0.13 with 14.4 million shares transacted.

Genting Singapore was also briskly traded, gaining 1.2 per cent or S$0.01 to S$0.845 with 7.7 million shares changing hands. Thai Beverage, as the third most heavily traded counter, advanced 0.9 per cent or S$0.005 to S$0.54 with 4.3 million shares transacted.

Banking stocks traded mixed at Wednesday’s open. DBS lost 0.3 per cent or S$0.09 to S$33.88. OCBC gained 0.8 per cent or S$0.10 to S$13.10, while UOB rose 0.5 per cent or S$0.13 to S$28.69.

US indices registered a third straight day of gains on Tuesday as bond yields eased and investors monitored the Middle East conflicts. The Dow Jones Industrial Average finished the day up 0.4 per cent at 33,739.3. The broad-based S&P 500 added 0.5 per cent to close at 4,358.24, while the tech-rich Nasdaq Composite Index advanced 0.6 per cent to 13,562.84.

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In Europe, shares rebounded as less hawkish comments by the US Federal Reserve officials and European Central Bank policymakers boosted investor sentiment. The pan-European Stoxx 600 closed on Tuesday 2 per cent higher at 452.48, its biggest one-day percentage gain in nearly a year.