Singapore shares inch up at Friday’s open; STI up 0.1%

SINGAPORE stocks opened slightly higher on Friday (Oct 27), led by gains from the trio of local banks and real estate investment trusts.

The Straits Times Index (STI) headed up 0.1 per cent or 1.79 points to 3,073.1 as at 9.01 am. Across the broader market, gainers outnumbered losers 59 to 38, after 29.7 million securities worth S$36.3 million changed hands.

The most active counter by volume was Seatrium , which held steady at S$0.113 with 24.2 million shares traded.

Other heavily traded securities included Genting Singapore , which fell 0.6 per cent or S$0.005 to S$0.87 with four million shares traded, as well as Mapletree Logistics Trust , which lost 0.7 per cent or S$0.01 to S$1.46 with 1.9 million shares traded.

Local banking stocks rose in early morning trade. DBS was trading up 0.1 per cent or S$0.04 at S$33.18, UOB rose 0.1 per cent or S$0.02 to S$27.30, while OCBC increased 0.2 per cent or S$0.02 to S$12.87.

Other active index counters included CapitaLand Investment , which shed 1 per cent or S$0.03 to S$2.90, and CapitaLand Integrated Commercial Trust , which advanced 1.2 per cent or S$0.02 to S$1.73.

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The gains on the Singapore bourse contrasted with declines observed overnight on Wall Street and in Europe.

In the US, stocks ended decisively lower on Thursday, despite strong US economic data, as markets digested mixed earnings and monitored the ongoing crisis in the Middle East. The Dow Jones Industrial Average finished 0.8 per cent lower at 32,784.3, the S&P 500 slid 1.2 per cent to 4,137.23, while the tech-rich Nasdaq Composite Index fell 1.8 per cent to 12,595.61.

In Europe, the pan-European Stoxx 600 index finished 0.5 per cent lower at 433.2, with automakers leading declines.