Singapore stocks open stronger on Monday; STI up 1.5%

SINGAPORE shares opened higher on Monday (Jun 5) after the deal to avert a US debt default was concluded, pushing equities in the global markets higher.  

The Straits Times Index (STI) was up 47.76 points or 1.5 per cent to 3,214.06 as at 9.01 am. Across the broader market, gainers outnumbered losers 134 to 37 after 133.3 million securities worth S$154.1 million changed hands.

Seatrium was the top traded counter by volume, rising 3.3 per cent or S$0.004 to S$0.125 with 62.3 million shares changing hands. 

Index counter Genting Singapore experienced brisk trading, with its share price dropping 1 per cent or S$0.01 to S$0.99. Meanwhile, Yangzijiang Financial rose 1.5 per cent or S$0.005 to S$0.34.

The trio of local banks all gained at Monday’s open.  DBS rose 1.7 per cent or S$0.51 to S$31.11. OCBC gained 1.8 per cent or S$0.22 to S$12.45 while UOB edged up 1 per cent or S$0.29 to S$28.13.  

US indices increased sharply on Friday following the signing of the deal in Congress to avert a debt default and a stronger-than-expected job market report. 

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The Dow Jones Industrial Average soared 2.1 per cent or 701.19 points to 33,762.76. The broad-based S&P 500 closed 1.5 per cent or 61.35 points higher to 4,282.37 while the tech-focused Nasdaq Composite Index rose 139.78 points or 1.1 per cent to 13,240.77.

The pan-European Stoxx 600 posted their best one-day gain on Friday, gaining 1.5 per cent higher to 462.15 points following news of concluding the US debt agreement, easing in Eurozone inflation, and possible pausing of the interest rates hikes by the Federal Reserve.