Singapore shares open little changed on Wednesday; STI up 0.04%

SINGAPORE shares were trading muted on Wednesday (Oct 25) morning, after global equities ended higher overnight on earnings optimism.

As at 9.01 am, the Straits Times Index (STI) was up by a marginal 1.24 points or 0.04 per cent to 3,085.12. Across the broader market, gainers outnumbered losers 54 to 41 after 41.9 million securities worth S$51.3 million changed hands.

Index counters were heavily traded in terms of volume, with Thai Beverage taking the lead as 6.2 million of its shares were transacted. The beverage manufacturer gained S$0.01 or 1.9 per cent to S$0.535.

Seatrium remained flat at S$0.115, and Yangzijiang Shipbuilding inched up S$0.01 or 0.7 per cent to S$1.46.

The local banks were trading mixed at the open, with OCBC as the sole gainer, advancing S$0.04 or 0.3 per cent to S$12.81. DBS shed S$0.03 or 0.1 per cent to S$33.12, while UOB edged down S$0.01 or 0.04 per cent to S$27.65.

Wall Street equities closed higher on Tuesday, following a round of mostly solid corporate earnings as US Treasury yields retreated. The Dow Jones Industrial Average finished up 0.6 per cent at 33,141.38. The broad-based S&P 500 gained 0.7 per cent to 4,247.68, while the tech-rich Nasdaq Composite Index jumped 0.9 per cent to 13,139.87.

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Shares in Europe gained at Tuesday’s close as well, as robust earnings from the region and the US outweighed concerns about downbeat economic data in the eurozone. The pan-European Stoxx 600 index ended 0.4 per cent higher at 435.09, led by miners as metal prices ticked up.