Singapore stocks rise at Tuesday’s open; STI up 0.6%

SINGAPORE stocks rose in early trade on Tuesday (Nov 22), bucking Wall Street losses on worries over China’s latest Covid-19 wave.

The Straits Times Index (STI) rose 0.6 per cent or 20.11 points to 3,270.73 as at 9.01 am.

Gainers outnumbered losers 77 to 38 after 42 million securities worth S$40 million changed hands.

Marco Polo Marine was the most actively traded counter by volume on Tuesday morning, with 5.2 million shares changing hands as at 9.01 am. The counter shed 2.3 per cent or S$0.001 to stand at S$0.042.

Singtel was one of the top gainers on Tuesday morning, with the counter rising 1.5 per cent or S$0.04 to S$2.72 as at 9.01 am.

Suntec Reit was also among the top three gainers as at 9.01 am. The counter rose by 0.7 per cent or S$0.01 to S$1.41. 

The trio of local banks was also trading higher on Tuesday morning. DBS was leading at S$35.42, up 0.5 per cent or S$0.16. OCBC was up 0.5 per cent or S$0.06 at S$12.51, while UOB rose by 0.7 per cent or S$0.22 to stand at S$30.25 as at 9.01 am.

In the US, Wall Street stocks finished lower on Monday as markets fretted over the implications of China’s latest Covid-19 wave. Investors also expect subdued trading during the week, with markets closed on Thursday for the Thanksgiving holiday.

The Dow Jones Industrial Average closed 0.1 per cent lower at 33,700.28.

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The broad-based S&P 500 shed 0.4 per cent to 3,949.94, while the tech-rich Nasdaq Composite Index dropped 1.1 per cent to 11,024.51.

European shares on Monday saw gains in defensive food and beverage and healthcare companies, but these were offset by declines in heavyweight commodity stocks on worries about the impact of surging Covid-19 cases in China.

Before closing down 0.06 per cent, the Stoxx 600 swung up and down during the entire session after marking its fifth straight weekly advance on Friday.