Singapore stocks open higher on Monday; STI up 0.2%

SINGAPORE shares opened the week higher on Monday (May 8) after global markets ended the previous week markedly higher. 

The Straits Times Index (STI) rose 7.44 points, or 0.2 per cent, to 3274.07 as at 9.01 am. Gainers outnumbered losers 90 to 43 after 81.2 million securities worth S$66.5 million changed hands. 

Seatrium was the most traded stock by volume on Monday morning, with 34.5 millions shares changing hands; it rose S$0.002 or 1.5 per cent to S$0.132. Formerly known as Sembcorp Marine, the group on Friday announced it secured a contract worth over S$500 million to develop platforms for two offshore wind farms located off the coast of Long Island in the US state of New York. 

MarcoPolo Marine was also briskly traded. The integrated marine logistics company gained S$0.001 to S$0.048, a 2.1 per cent increase. 

Oceanus group was also actively transacted in terms of volume, although the price of the mainboard-listed seafood supplier remained flat at S$0.012. 

Singapore’s big three banks recorded mixed results in the morning. DBS was up S$0.30 or 0.9 per cent to S$32.20, while UOB gained 1 per cent or S$0.29 to S$28.28. OCBC was down S$0.23 or 1.8 per cent at S$12.42. 

SEE ALSO

Stocks to watch: DBS, Seatrium, F&N, Venture, Far East Orchard

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US stocks rallied on Friday as shares of Apple surged after upbeat results and the release of an April jobs market report pointed to a resilient labour market. 

The Dow Jones Industrial Average posted its biggest one day percentage gain since Jan 6, climbing 1.7 per cent to 33,674.38. The S&P 500 increased 1.9 per cent to 75.03 while the Nasdaq Composite Index grew 2.3 per cent 12,235.41. 

European stocks also ended the week higher on Friday following a boost in shares of HSBC and energy firms. The pan-European Stoxx 600 index closed at 465.31, 4.97 points or 1.1 per cent higher.