Singapore stocks climb at Tuesday’s open after key export data; STI up 0.7%

SINGAPORE shares were trading higher on Tuesday (Oct 17) morning, following news that the city-state’s key exports in September contracted by a narrower 13.2 per cent year on year, compared with the 22.5 per cent slump in the previous month.

On a seasonally adjusted monthly basis, non-oil domestic exports (NODX) grew 11.1 per cent last month as electronics and non-electronics exports increased.

The Straits Times Index (STI) rose 21.74 points or 0.7 per cent to 3,185.63 as at 9.01 am. Across the broader market, gainers outnumbered losers 74 to 31 after 71.1 million securities worth S$53 million changed hands.

Seatrium was the most actively traded counter in terms of volume, rising S$0.001 or 0.8 per cent to S$0.125, with 43.6 million securities transacted at the open.

Index counter Genting Singapore was briskly traded as well, gaining S$0.005 or 0.6 per cent to S$0.85.

After reporting higher net profit for the first nine months and third quarter of the fiscal year on Monday, shares of Aztech Global rose S$0.025 or 2.9 per cent to S$0.88.

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The three local banks were in the green in early trade, with DBS advancing S$0.27 or 0.8 per cent to S$33.71. UOB added S$0.19 or 0.7 per cent to S$28.32, and OCBC gained S$0.12 or 0.9 per cent to S$13.12.

Wall Street stocks ended Monday on an uptrend as traders looked ahead to a flurry of high-profile company earnings this week. The Dow Jones Industrial Average rose 0.9 per cent to 33,984.54, while the broad-based S&P 500 closed up 1.1 per cent at 4,373.63. The tech-rich Nasdaq Composite index jumped 1.2 per cent to end the day at 13,567.98.

Shares in Europe were also boosted by gains in financial and mining stocks, while investors remained risk-averse on prospects of escalation in the Middle East conflict. The Stoxx 600 closed 0.2 per cent higher at 450.2, with miners and retail stocks leading sectoral gains.