Singapore stocks rise at Thursday’s open; STI up 0.4%

SINGAPORE stocks rose in early trade on Thursday (Feb 16) following gains in the US and Europe markets.

The Straits Times Index (STI) gained 0.4 per cent or 14.35 points to 3,295.17 as at 9.02 am. Gainers outnumbered losers 70 to 30 after 36.9 million securities worth S$47.8 million changed hands. 

Integrated marine logistics company Marco Polo Marine was the most actively traded counter, with 8.9 million of its securities changing hands. The counter was up 2.3 per cent or S$0.001 at S$0.044 as at 9.01 am.

Cosco Shipping was also among the top few actively traded in terms of volume, with 1.5 million of its shares changing hands in early trade. The logistics management service provider was down 4.7 per cent or S$0.009 at S$0.184 as at 9.01 am.

CSE Global was also briskly traded, with 1.1 million shares transacted on Thursday morning. The technology group was down 5.3 per cent or S$0.02 at S$0.355.

The three local banks also rose at Thursday’s open. UOB was up 1 per cent or S$0.29 at S$30.17, while DBS gained 0.4 per cent or S$0.13 at S$34.83. Meanwhile, OCBC advanced 0.1 per cent or S$0.01 to S$12.78 as at 9.01 am.

Wall Street stocks shrugged off early weakness on Wednesday, finishing with gains after a surprisingly strong January retail sales report.

The Dow Jones Industrial Average added 0.1 per cent at 34,128.05, while the broad-based S&P 500 advanced 0.3 per cent to 4,147.60. Meanwhile, the tech-rich Nasdaq Composite Index jumped 0.9 per cent to 12,070.59.

European shares closed higher on Wednesday, with Britain’s FTSE 100 briefly clearing 8,000 points to hit a fresh record high, helped by a drop in the pound after data showed domestic inflation eased more than expected.

SEE ALSO

Stocks to watch: Singtel, SIA, Sembmarine, ESR-Logos Reit, Chip Eng Seng, Cosco Shipping

The pan-European Stoxx 600 closed 0.4 per cent higher at 464.36.