Singapore shares open higher on Thursday; STI up 0.5%

SINGAPORE equities continued their rally on Thursday (Jul 4) morning after global markets booked strong gains overnight.

As at 9.01 am, the Straits Times Index (STI) climbed 16.71 points or 0.5 per cent to 3,432.22. Across the broader market, gainers outnumbered losers 77 to 24 as 48.1 million securities worth S$96.4 million changed hands.

Thai Beverage was the most actively traded counter in terms of volume. The index counter stayed flat at S$0.435 after 16.7 million of its shares were traded.

Casino operator Genting Singapore gained S$0.005 or 0.6 per cent to S$0.855 amid brisk trading activity, and units of ESR-Logos Real Estate Investment Trust fell S$0.01 or 3.6 per cent to S$0.265.

Banking stocks were largely trading higher at the open. UOB rose S$0.11 or 0.3 per cent to S$32.38 and OCBC gained S$0.06 or 0.4 per cent to S$15.04. DBS held steady at S$37.96.

Wall Street equities finished Wednesday at fresh records amid low trading volumes, following mixed economic data in a holiday-shortened session.

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The broad-based S&P 500 gained 0.5 per cent to 5,537.02, while the tech-rich Nasdaq Composite Index jumped 0.9 per cent to 18,188.3. Meanwhile, the Dow Jones Industrial Average lost 0.1 per cent to 39,308.

European shares rose to close higher on Wednesday as investors awaited the second round of the French vote and national elections in the UK.

The pan-European Stoxx 600 index rose for a second session out of the last seven to close 0.7 per cent up at 514.67.