Singapore shares rise at Thursday’s open; STI up 0.7%

SINGAPORE stocks opened stronger on Thursday (Jul 27) after global markets finished mixed overnight.

The Straits Times Index (STI) rose 24.03 points or 0.7 per cent to 3,328.99 as at 9.02 am. Across the broader market, gainers outnumbered losers 94 to 41 after 76.3 million securities worth S$66.6 million changed hands.

The top-traded counter by volume was Seatrium with 40.3 million securities changing hands at the open. Its share price remained unmoved at S$0.145.

Other heavily traded securities included Thai Beverage , which rose S$0.01 or 1.7 per cent to S$0.595 in early trade. Genting Singapore fell S$0.006 or 0.5 per cent to S$0.93.

Banking stocks rose in early morning trade. As at 9.03 am, DBS was up S$0.47 or 1.4 per cent at S$33.63. UOB gained S$0.41 or 1.4 per cent to S$29.10 after the release of its financial results for the second quarter of the fiscal year. OCBC edged up S$0.09 or 0.7 per cent to S$12.93.

In the US, stocks ended Wednesday on a muted note after investors shrugged off the latest Federal Reserve interest rate hike.

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The Dow Jones Industrial Average ended 0.2 per cent higher at 35,520.12. The broad-based S&P 500 slipped less than 0.1 per cent to 4,566.75, while the tech-rich Nasdaq Composite Index dipped 0.1 per cent to 14,127.28.

After a six-day run, European shares snapped their winning streak following disappointing results from LVMH.

The pan-European Stoxx 600 index shed 0.5 per cent to 465.46 as declines in other luxury brands dragged down France’s luxury-heavy CAC 40.