Singapore shares track global rally at Wednesday’s open; STI up 1.3%

SINGAPORE stocks opened stronger on Wednesday (Nov 15) tracking overnight gains on global markets.

Singapore’s Straits Times Index (STI) rose 1.3 per cent or 40.05 points to 3,144.71 as at 9.02 am. Across the broader market, gainers outnumbered losers 150 to 35 after 85.2 million securities worth S$120 million changed hands.

The most active counter by volume was Genting Singapore , which gained 2.1 per cent, or S$0.02, at S$0.96 with 7.4 million shares changing hands.

Other heavily traded securities included Manulife US Reit , which rose 10.8 per cent, or US$0.009, to US$0.092 after six million shares changed hands, as well as Seatrium , which gained 0.9 per cent, or S$0.001, at S$0.11 with 5.5 million shares traded.

Banking stocks rose in early morning trade. DBS was trading up 0.4 per cent or S$0.14 at S$32.74. UOB was up 1.5 per cent or S$0.41 to S$27.74, and OCBC rose 0.8 per cent, or S$0.10 to S$13.05.

US indices closed on Tuesday up sharply on data of cooling inflation, which lifted investors’ spirits to hope for ending rate hikes. The Dow Jones Industrial Average jumped 1.4 per cent to finish the day at 34,827.70, and the broad-based S&P 500 Index rose 1.9 per cent to 4,495.70. The tech-rich Nasdaq Composite Index gained 2.4 per cent to 14,094.38.

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European stocks followed suit, closing Tuesday at an one-month high. The pan-European Stoxx 600 gained 1.3 per cent, with rate-sensitive real estate stocks up 7 per cent and at their highest level since March.