Singapore shares open higher on Tuesday as O&M counters actively traded; STI up 0.5%

SINGAPORE equities rallied on Tuesday (Apr 4) morning, after US indices mostly gained overnight.

The Straits Times Index (STI) was up 0.5 per cent or 16.47 points at 3,297.55 as at 9.04 am. Across the broader market, gainers outnumbered losers 104 to 41 as 116.6 million securities worth S$97.7 million changed hands. 

Offshore and marine (O&M) counters had the highest trading volumes in the morning, following news of Opec+’s plans to cut more production.

Opec+, which comprises members of the Organization of the Petroleum Exporting Countries (Opec) as well as major non-Opec oil producers such as Russia, on Sunday announced it would cut oil output by about 1.2 million barrels per day. 

Marco Polo Marine led with 34 million securities transacted as at 9.05 am. The offshore vessel operator gained S$0.001 or 2.2 per cent to S$0.046.

Shares of Sembcorp Marine (Sembmarine) and Rex International were also briskly traded at the open. Sembmarine shed S$0.001 or 0.8 per cent to S$0.122, while oil exploration and production company Rex was up S$0.002 or 1.1 per cent at S$0.189.

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The trio of local banks were all up on Tuesday morning. DBS added S$0.20 or 0.6 per cent to S$33.17, while UOB gained S$0.22 or 0.7 per cent to S$29.86. OCBC traded S$0.07 or 0.6 per cent higher at S$12.53.

US stocks mostly gained on Monday as weak US manufacturing data helped to ease worries about more interest rate hikes. The Dow Jones Industrial Average rose 1 per cent to 33,601.15. The broad-based S&P 500 gained 0.4 per cent to 4,124.51, while the tech-rich Nasdaq Composite Index shed 0.3 per cent to 12,189.45.

In Europe, shares were subdued on Monday, after ending a volatile quarter higher. The pan-European Stoxx 600 index ended flat at 457.72 on the first trading session of the new quarter.