Singapore shares rally at Monday’s open; STI up 0.3%

SINGAPORE stocks were pulled into positive territory on Monday (Mar 4) after global equities ended the previous week with record gains.

As at 9.01 am, the Straits Times Index (STI) was up 9.63 points or 0.3 per cent at 3,145.39. Across the broader market, gainers outnumbered losers 84 to 31 after 34.8 million securities worth S$58.3 million changed hands.

CapitaLand Integrated Commercial Trust was the top-traded counter in terms of volume, adding S$0.04 or 2.1 per cent to reach S$1.95 with 4.9 million units moved.

Shares of Golden Agri-Resources and Geo Energy Resources were briskly transacted as well. The oil palm company lost S$0.005 or 1.9 per cent to S$0.265, while the coal producer edged up S$0.005 or 1.5 per cent to S$0.345.

Local banks were trading mixed at the open, with DBS shedding S$0.06 or 0.2 per cent to S$33.49. UOB rose S$0.13 or 0.5 per cent to S$28.32, and OCBC gained S$0.03 or 0.2 per cent to S$13.02. 

Wall Street stocks rallied to close at fresh records last Friday, boosted by a rally in technology stocks as well as declining Treasury yields.

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The Dow Jones Industrial Average rose 90.99 points or 0.2 per cent to 39,087.38. The S&P 500 gained 40.81 points or 0.8 per cent to peak at 5,137.08, and the Nasdaq Composite gained 183.02 points or 1.1 per cent to a second straight closing record of 16,274.94.

European shares were propelled to new heights on Friday as well, as rate-sensitive stocks soared on upbeat corporate earnings.

The pan-European Stoxx 600 logged its sixth straight weekly gain to end 0.6 per cent up at an all-time high of 497.58.