Singapore shares rise on Monday; STI up 0.4%

SINGAPORE stocks rose in early trade on Monday (Dec 5), following a mixed session on Wall Street last Friday.

The Straits Times Index (STI) advanced 13.38 points or 0.4 per cent to 3,272.52 as at 9.03 am.

Gainers outnumbered losers 103 to 35, after 50.5 million securities worth S$48 million changed hands.

On the Singapore bourse, the most heavily traded by volume was medtech firm Biolidics. Shares opened unchanged at S$0.025 after 2.7 million securities were traded.

Property player Chip Eng Seng also saw active trading in the morning as its shares rose 2 per cent or S$0.015 to S$0.755 as 1.6 million shares changed hands. This comes after news on Friday broke that its chairman Celine Tang and her husband Gordon Tang were raising the mandatory conditional cash offer to acquire the property player to S$0.75, from the initial offer of S$0.72 a share. The terms of the offer remain unchanged.

Singtel was the top traded index stock by volume. The telco’s shares gained 0.4 per cent or S$0.01 to reach S$2.70 after 1.5 million securities changed hands.

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The trio of banks opened Monday in a sea of green. DBS gained S$0.12 or 0.4 per cent to S$34.59, UOB rose S$0.09 or 0.3 per cent to S$31, while OCBC advanced S$0.05 or 0.4 per cent to S$12.26 as at 9 am.

Over on Wall Street, equities mixed at the end of Friday’s session as markets assessed the implications of a solid jobs report for US monetary policy.

The Dow Jones Industrial Average narrowly into positive territory to close at 34,429.88, up 0.1 per cent, broad-based S&P 500 slipped 0.1 per cent to 4,071.70, while the tech-rich Nasdaq Composite Index lost 0.2 per cent at 11,461.50.

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Meanwhile, European shares slipped on Friday after two days of strong gains that helped the Stoxx 600 index notch up its seventh straight week of rises amid signs of China re-opening its economy and easing worries about interest-rate hikes.

The pan-European index closed 0.2 per cent lower after rallying 1.5 per cent in the last two sessions. The index gained 0.6 per cent over the week, and registered its longest weekly winning streak since April 2021.