Singapore stocks open higher on Tuesday; STI up 0.1%

SINGAPORE shares opened higher on Tuesday (May 30) after European markets ended mixed amid concerns over the US debt deal and rate hike possibility.

As at 9.01 am, the Straits Times Index (STI) was up 2.47 points or 0.1 per cent to 3,197.69. Across the broader market, gainers outnumbered losers 63 to 37 after 41.6 million securities worth S$38.5 million changed hands.

Ley Choon Holdings was the top traded counter by volume, rising 16.7 per cent or S$0.003 to S$0.021 with 4.3 million shares changing hands. 

Index counter CapitaLand Integrated Commercial Trust saw brisk trading, with its unit price rising 1 per cent or S$0.02 to S$2.02. Meanwhile, Thomson Medical Centre Limited lost 1.6 per cent or S$0.001 to S$0.06.

The trio of banks were mixed in early trade. DBS ’ share price dropped 0.4 per cent or S$0.12 to S$31.35. OCBC rose 0.1 per cent or S$0.01 to S$12.24, while UOB lost 0.2 per cent or S$0.05 to S$28.05.  

US indices were closed on Monday in observance of a public holiday.  

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With losses registered in technology and bank stocks, the pan-European Stoxx 600 index closed 0.1 per cent lower or 0.54 points to 460.87 on Monday, as investors mulled over a possible hard landing in the US, high inflation and expected rate hikes.