Singapore stocks open higher on Thursday; STI up 0.2%

SINGAPORE shares opened higher on Thursday (Jun 1), even though global markets were down over concerns of a slowdown in the China economy and US debt ceiling voting. 

The Straits Times Index (STI) was up 6.53 points or 0.2 per cent to 3,165.33 as at 9.01 am. Across the broader market, losers outnumbered gainers 57 to 44 after 55.4 million securities worth S$137.3 million changed hands.

Index counter Genting Singapore was the top-traded stock by volume with 11.9 million shares transacted. Its share price remained flat at S$1.01. 

CapitaLand Integrated Commercial Trust , another STI constituent, was also briskly traded, losing 0.5 per cent or S$0.01 to S$1.99 with 3.3 million of its units changing hands at the open. 

CapitaLand Ascott Trust gained 0.9 per cent or S$0.01 to S$1.07.

The three local banks were trading mixed at the open. DBS rose 0.8 per cent or S$0.25 to S$30.55, and UOB gained 0.9 per cent or S$0.24 to S$28.19. Meanwhile, OCBC fell 0.2 per cent or S$0.03 to S$12.24.

SEE ALSO

Stocks to watch: IReit Global, Clearbridge Health

Wall Street indices closed lower on Wednesday as markets awaited a key congressional vote to lift the US debt limit and weak data pointing to a slowing China’s manufacturing activity. The broad-based S&P 500 shed 0.6 per cent or 25.69 points to 4,179.83, while the tech-focused Nasdaq Composite Index declined 0.6 per cent or 82.14 points to 12,935.29. The Dow Jones Industrial Average was down 0.4 per cent or 134.51 points to 32,908.27. 

In Europe, the Stoxx 600 ended Wednesday 1.1 per cent or 4.87 points lower to 451.76, dragged by uncertainty over the US debt ceiling, slowing China economic figures and pessimism over lingering inflation among some major eurozone economies.