Singapore shares rise at Wednesday’s open; STI up 0.9%
Srinidhi Ragavendran
SINGAPORE stocks climbed on Wednesday (Feb 7) morning, after global equities rallied overnight.
The Straits Times Index (STI) rose 0.9 per cent or 27.78 points to 3,153.46 as at 9.01 am. Across the broader market, gainers outnumbered losers 82 to 26 after 73.5 million securities worth S$88.5 million changed hands.
Seatrium was the most heavily traded counter by volume. It rose 1 per cent or S$0.001 to S$0.097 after 33.7 million securities were transacted.
Other companies that were briskly traded included construction and road works service provider Ley Choon, which gained 5.4 per cent or S$0.002 to S$0.039.
Banking stocks rose in early morning trade. DBS advanced 1.6 per cent or S$0.52 to S$32.17, UOB gained 0.8 per cent or S$0.22 to S$28.39, and OCBC rose 0.9 per cent or S$0.11 to S$12.89.
Wall Street finished higher on Tuesday, propelled by strong quarterly earnings and reversing some of Monday’s declines. The Dow Jones Industrial Average closed up 0.4 per cent at 38,521.36, while the broad-based S&P 500 rose 0.2 per cent to 4,954.23. The tech-rich Nasdaq Composite Index also inched higher, rising by 0.1 per cent to 15,609.
In Europe, stocks advanced on Tuesday as bumper earnings from oil and gas company BP and higher crude prices propelled energy giants higher, while investors took comfort from fresh stimulus for China’s battered financial markets. The pan-European Stoxx 600 index closed 0.7 per cent higher at 486.76, with the energy index leading the charge, up 2.1 per cent, tracking an advance in crude oil prices.
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