Singapore shares open muted on Wednesday; STI up 0.02%

SINGAPORE stocks were little changed on Wednesday (Jul 26) following strong overnight gains in global markets. 

As at 9.01 am, the Straits Times Index (STI) was up 0.81 points or 0.02 per cent to 3,286.97. Across the broader market, gainers outnumbered losers 58 to 51 after 51.2 million securities worth S$51.5 million changed hands.

Seatrium was the top-traded counter of the morning in terms of volume, remaining flat at S$0.145 after 22.8 million shares were traded.

Genting Singapore , another index counter, shed S$0.015 or 1.6 per cent to S$0.92 amid heavy trading.

Units of Mapletree Logistics Trust rose S$0.01 or 0.6 per cent to S$1.72 after its manager on Tuesday reported a distribution per unit of S$0.02271 for the first quarter of the fiscal year.

The trio of local banks were mixed in early trade. DBS was up S$0.02 or 0.1 per cent to S$32.77, while OCBC gained S$0.06 or 0.5 per cent to S$12.77. UOB dipped S$0.24 or 0.8 per cent to S$28.22 the day after its general insurance arm United Overseas Insurance reported higher net profit of S$12.2 million for H1 of FY2023.

Wall Street equities ended Tuesday in positive territory, with several companies’ shares closing markedly higher after the release of their earnings reports.

The Dow Jones Industrial Average extended its winning streak for a 12th straight session, ending 0.1 per cent higher at 35,437.93. The broad-based S&P 500 Index rose 0.3 per cent to 4,567.54, while the tech-heavy Nasdaq Composite Index gained 0.6 per cent to 14,144.56.

Likewise, European shares gained on Tuesday as miners logged their best day in over eight months after China pledged more support for its slowing economy.

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The pan-European Stoxx 600 index rose 0.5 per cent to end the day at 467.92, marking its sixth straight session in the green.