Singapore stocks open higher on Monday; STI up 0.7%

SINGAPORE shares began the week in positive territory, tracking strong performances in the US and Europe markets.

The Straits Times Index (STI) was up 22.14 points or 0.7 per cent to 3,229.53 as at 9.01 am on Monday. Across the broader market, gainers outnumbered losers 93 to 29 after 48.8 million securities worth S$55.5 million changed hands.

Seatrium was the top traded counter by volume with 14.3 million shares changing hands, although its share price remained flat at S$0.125. 

Index counter CapitaLand Integrated Commercial Trust inched up 0.5 per cent or S$0.01 to S$2.01.

Crane and transport operator Hiap Tong rose 2.9 per cent or S$0.004 to S$0.142. 

The trio of local banks all gained at Monday’s open. UOB ’s share price rose 1.5 per cent or S$0.42 to S$28.55. DBS increased 0.4 per cent or S$0.12 to S$31.75, and OCBC edged up 1.1 per cent or S$0.13 to S$12.38.

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US indices closed higher on Friday amid optimism that a deal to raise the debt ceiling was close at hand. 

The tech-focused Nasdaq Composite Index surged 2.2 per cent or 277.59 points to 12,975.69 on a continued rally in tech stocks. The broad-based S&P 500 shot up 1.3 per cent or 54.17 points to 4,205.45, and the Dow Jones Industrial Average gained a more modest 1 per cent or 328.69 points to 33,093.34.

The pan-European Stoxx 600 jumped 1.2 per cent or 5.23 points to 461.41 points on Friday; its best showing in two months. Strong gains were registered in technology stocks, albeit a slowing global economy and uncertainty over the US debt ceiling talks continues to be of concern.