Singapore stocks open higher on Thursday; STI up 0.1%

SINGAPORE shares opened higher on Thursday (Jun 15), following the decision to pause the interest rate hike by the US Federal Reserve.

The Straits Times Index (STI) was up 4.1 points or 0.1 per cent to 3,222.24 as at 9.02 am. Across the broader market, losers were closely matched with gainers at 62 to 61 after 129.8 million securities worth S$99.7 million changed hands.

Seatrium was actively traded in terms of volume, losing 1.6 per cent or S$0.002 to S$0.126 with 88.8 million shares changing hands at the open.

Matex Internationa l was also briskly traded, gaining 3.7 per cent or S$0.001 to S$0.028.

Index counter Singtel rose 1.2 per cent or S$0.03 to S$2.52, with three million shares transacted.

The three local banks traded mixed at the open. DBS declined 0.7 per cent or S$0.22 to S$30.94, while UOB fell 0.3 per cent or S$0.08 to S$27.99. OCBC rose 0.4 per cent or S$0.05 to S$12.48.

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Wall Street indices were mixed at Wednesday’s close, with the Fed maintaining current interest rates but signalling borrowing costs might increase to resolve the slower decline in inflation. The Dow Jones Industrial Average dropped 0.7 per cent or 232.79 points to 33,979.33. The broad-based S&P 500 added 0.1 per cent or 3.58 points at 4,372.59, while the tech-rich Nasdaq Composite Index climbed 0.4 per cent to 13,626.48.

The pan-European Stoxx 600 closed 0.4 per cent or 1.67 points higher at 464.94 on Wednesday, uplifted by the pause in interest rate increase by the Fed, and gains by banks and miners stocks.