Singapore banks lead market surge again on easing Middle East tensions; STI up 1%

SINGAPORE stocks opened stronger on Tuesday (Apr 23) following overnight gains on global markets as easing tensions in the Middle East boosted investor confidence.

Singapore’s Straits Times Index (STI) rose 1 per cent or 32.9 points to 3,258.07 as at 9.02 am. Across the broader market, gainers outnumbered losers 113 to 26 after 76.6 million securities worth S$103.2 million changed hands.

The most active counter by volume was Seatrium , which held steady at S$0.083 with 25 million shares changing hands, followed by Thai Beverage trading flat at S$0.48 with 6.7 million shares transacted. CapitaLand Integrated Commercial Trust was also briskly traded, up 1.1 per cent or S$0.02 to S$1.89 with 3.9 million shares changing hands. Banking stocks rose in early morning trade. DBS was up 1.2 per cent or S$0.42 at S$34.49. UOB was up 0.7 per cent or S$0.21 to S$30.66, and OCBC rose 0.8 per cent, or S$0.11 to S$13.94.

US indices closed Monday higher amid investors’ relief as the tensions in the Middle East did not escalate. The Dow Jones Industrial Average finished up 0.7 per cent at 38,239.98.The broad-based S&P 500 gained 0.9 per cent to 5,010.60, while the tech-rich Nasdaq Composite Index jumped 1.1 per cent to 15,451.31.

Over in Europe, easing tensions in the Middle East also drove stocks higher while investors looked ahead to earnings from European banks and US tech giants later in the week. The pan-European Stoxx 600 index rebounded 0.6 per cent.