Singapore stocks open higher on Thursday; STI up 0.4%

SINGAPORE stocks rose in early trade on Thursday (Jan 12), following a strong showing in the US and Europe markets.

The Straits Times Index (STI) rose 0.4 per cent or 11.81 points to 3,283.32 as at 9.02 am. Gainers outnumbered losers 84 to 32 after 52.4 million securities worth S$55.6 million changed hands.

The Place Holdings : E27 0% was the most actively traded counter on Thursday morning, with 10.7 million shares changing hands. The counter fell 5.3 per cent or S$0.001 to S$0.018.

Index counter Thai Beverage : Y92 0% was also among the most actively traded counters. It rose 0.7 per cent or S$0.005 to S$0.725 with 2.8 million shares changing hands.

Mapletree Logistics Trust : M44U 0% remained unchanged at S$1.62 after 2.2 million of its units were traded.

Activity for the three local banks varied. DBS : D05 0% rose 0.2 per cent or S$0.06 to S$34.70, while UOB : U11 0% rose 0.7 per cent or S$0.20 to S$30.29. On the other hand, OCBC : O39 0% fell 0.4 per cent or S$0.05 to S$12.63.

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Wall Street stocks ended higher on Wednesday as a result of a shift in focus to a key inflation reading due later in the week.

At the opening bell, the Dow Jones Industrial Average rose 0.2 per cent to 33,754.03, while the broad-based S&P 500 gained 0.3 per cent to 3,932.35. The Nasdaq Composite Index rose 0.5 per cent to 10,794.99. Similarly, European shares rose on Wednesday due to hopes of less aggressive interest rate hikes. The Stoxx 600 rose 0.4 per cent as the European market awaited US inflation data on Thursday for hints on the Federal Reserve’s interest rate policy.