Singapore shares open higher on Monday; STI up 0.4%

SINGAPORE shares open in a sea of green on Monday (Feb 13), reversing last week’s loss streak.

The benchmark Straits Times Index (STI) gained 0.4 per cent or 14.74 points to 3,375.41 as at 9.01 am. Gainers outnumbered losers 80 to 43 after 55.8 million securities worth S$71.5 million changed hands.

The top traded counter by volume was Thomson Medical , which inched up as much as 4.2 per cent during early trade, up S$0.003 to S$0.075 after eight million shares were traded as at 9.02 am.

Index stock Thai Beverage was the second most traded stock on Monday. The counter slipped 0.7 per cent or S$0.005 to S$0.695 after 7.7 million stocks changed hands.

Meanwhile, Sembcorp Marine opened flat at S$0.135 as 5.3 million shares were traded as at 9.02 am.

All three local banks were up in the morning, led by DBS which gained 0.9 per cent or S$0.33 to S$36.30 after the bank posted a record net profit of S$2.3 billion for its fourth quarter ended Dec 31, 2022.

OCBC rose 0.5 per cent or S$0.07 to S$13.22, while UOB grew 0.5 per cent or S$0.14 to S$30.69 as at 9.01 am.

This follows a slightly optimistic session on Wall Street, as a rally in energy stocks lifted major indices into positive territory on Friday.

The Dow Jones Industrial Average finished at 33,869.27, up 0.5 percent, while broad-based S&P 500 climbed 0.2 percent to 4,090.46. The tech-rich Nasdaq Composite Index declined 0.6 percent to 11,718.12.

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All three major indices finished with losses for the week in a pullback after a torrid January as Treasury yields advanced.

In Europe, a dour outlook by Adidas added to the downbeat mood that higher interest rates gave investors.

The pan-European Stoxx 600 index fell 1 per cent as footwear maker adidas warned of a potential loss this year for the first time in three decades. Shares lost 10.9 per cent.