Singapore stocks open with strong gains on Tuesday; STI up 0.7%

SINGAPORE shares kicked off Tuesday (Oct 10) on solid footing after global markets ended mixed overnight.

The Straits Times Index (STI) was up 20.81 points or 0.7 per cent to 3,187.32 as at 9.01 am. Across the broader market, gainers outnumbered losers 62 to 17 after 31.2 million securities worth S$38.1 million changed hands.

Index counters dominated the top-traded names in terms of volume, with Seatrium taking the lead to rise S$0.002 or 1.6 per cent to S$0.127, after 26.6 million shares were transacted.

Shares of Thai Beverage fell S$0.005 or 0.9 per cent to S$0.53, while units of CapitaLand Ascendas Reit advanced S$0.05 or 1.9 per cent to S$2.69.

The trio of local banks were all in positive territory at the open. DBS gained S$0.21 or 0.6 per cent to S$33.79, and UOB rose S$0.19 or 0.7 per cent to S$28.46. OCBC climbed S$0.07 or 0.5 per cent to S$12.95.

Wall Street stocks recovered from an earlier slump to close higher on Monday, shaking off pressure from fears of escalating conflict between Hamas and Israel.

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The Dow Jones Industrial Average was up 0.6 per cent at 33,604.65. The broad-based S&P 500 Index also rose 0.6 per cent to 4,335.66, and the Nasdaq Composite Index advanced 0.4 per cent to 13,484.24.

European equities, however, slipped at Monday’s close as the Middle East military clashes sparked a rush to safe-haven assets such as bonds and gold.

The pan-European Stoxx 600 index edged 0.3 per cent lower to 443.79, dragged by retailer and travel and leisure stocks.