Singapore stocks open higher on Wednesday; STI up 0.1%
Navene Elangovan
SINGAPORE stocks opened higher on Wednesday (Sep 13), even as global markets dipped overnight.
As at 9.01 am, the Straits Times Index (STI) was up 3.11 points or 0.1 per cent at 3,217.57. Gainers outnumbered losers 55 to 50 across the broader market, with 50.3 million securities worth S$37.6 million changing hands.
Rex International was among the most actively traded stocks in terms of volume as at 9.01 am, with 4.8 million securities transacted. The counter rose S$0.005 or 3.2 per cent to S$0.163.
Olam Group , which denied allegations that its Nigerian unit was involved in a multi-billion dollar fraud on Monday, fell by S$0.05 or 4.4 per cent to S$1.10.
Index counter Genting Singapore rose S$0.005 or 0.6 per cent to S$0.875 in early trade.
All three local banks opened higher on Wednesday. UOB rose by S$0.12 or 0.4 per cent to S$28.42, while DBS gained S$0.09 or 0.3 per cent to S$33.35. OCBC increased by S$0.05 or 0.4 per cent to S$12.57.
Wall Street closed lower on Tuesday as investors looked ahead to inflation data later this week. The Nasdaq slid 1 per cent to end at 13,773.61, while the broad-based S&P 500 also lost 0.6 per cent at 4,461.9. The Dow Jones Industrial Average closed 0.1 per cent lower at 34,645.99.
European shares also fell on Tuesday, dragged down by German software maker SAP following a weak forecast from US tech firm Oracle, while investors turned cautious ahead of US inflation data and the European Central Bank’s rate decision later this week. The pan-European Stoxx 600 index dipped 0.2 per cent to close at 455.4.
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