Singapore stocks open stronger on Tuesday; STI up 0.5%

SINGAPORE stocks opened 2024 stronger driven by banking stocks’ gains.

The Straits Times Index (STI) rose 0.5 per cent or 15.36 points to 3,255.63 as at 9.04 am on the first market day of 2024. Across the broader market, gainers outnumbered losers 111 to 48 with 54.8 million securities worth S$42.7 million changing hands.

The most active counter by volume was Seatrium , which gained 0.9 per cent or S$0.001 to S$0.119 with 5.2 million shares changing hands. Other briskly traded counters included Raffles Education , which rose 3.9 per cent or S$0.002 to S$0.054 with 3.9 million shares transacted, as well as Oceanus which lost 11.1 per cent, or S$0.001, to S$0.008 with 3.4 million shares traded.

Banking stocks rose in early morning trade. DBS was trading up 0.6 per cent or S$0.20 at S$33.61. UOB was up 0.7 per cent or S$0.21 at S$28.66, and OCBC rose 0.3 per cent or S$0.04 to S$13.04.

US indices finished a banner 2023 on a lukewarm note on Friday. The Dow Jones Industrial Average, which closed at records the last two days, ended down 0.1 per cent at 37,689.54. The broad-based S&P 500 dipped 0.3 per cent to 4,769.83, and the tech-rich Nasdaq Composite Index fell 0.6 per cent to 15,011.35.

Over in Europe, shares ended the year with an annual gain of almost 13 per cent on hopes of softer monetary policy in 2024. The pan-European Stoxx 600 edged up 0.1 per cent on Friday, posting its seventh straight weekly gain and its best December performance since 2021.