Singapore stocks rise on Tuesday; STI up 0.3%

SINGAPORE shares started Tuesday (May 28) on a stronger note, following European stocks’ overnight gains.

Singapore’s Straits Times Index (STI) rose 0.3 per cent or 9.02 points to 3,327.47 as at 9.02 am. Across the broader market, gainers outnumbered losers 65 to 38, after 41.8 million securities worth S$54.9 million changed hands.

The most active counter by volume included Seatrium , which held steady at S$1.72 with 4.8 million shares changing hands. Other heavily traded securities included Singtel , which rose 0.8 per cent or S$0.02 to S$2.45, with 3.8 million shares transacted, and Yangzijiang Shipbuilding , which rose 2.1 per cent or S$0.04 to S$1.97 with three million shares traded.

Banking stocks were mixed in early morning trade. DBS lost 0.1 per cent or S$0.04 to S$35.81, while UOB advanced 0.1 per cent or S$0.03 to S$30.53. OCBC gained 0.2 per cent or S$0.03 to S$14.47.

US markets were closed for Memorial Day on Monday.

Over in Europe, shares closed Monday higher amid hints of upcoming interest rate cuts by the European Central Bank. The pan-European Stoxx 600 index closed 0.3 per cent higher, in touching distance of an all-time high hit earlier this month.