Singapore stocks start Monday stronger; STI up 0.2%

SINGAPORE stocks rose in early trade on Monday (Nov 14) amid a strong showing in global markets.

As at 9.02 am, the Straits Times Index (STI) gained 0.2 per cent or 7.86 points to 3,236.19. Gainers outnumbered losers 82 to 42 after 75.8 million securities worth S$61.7 million changed hands.

The most actively-traded counter by volume was Sembcorp Marine, with 24.9 million shares transacted. The counter dipped 0.8 per cent or S$0.001 to S$0.133.

Oceanus was the next top-traded counter by volume, trading flat at S$0.016 with 7.6 million shares traded.

UMS also saw high trading activity at the open, with 4.2 million shares changing hands. The semiconductor company had on Friday announced a 181 per cent increase in net profit for the quarter ended Sep 30. Its shares rose by 6.5 per cent or S$0.07 to S$1.14.

The trio of local banks opened Monday mixed. UOB gained 0.9 per cent or S$0.27 to S$29.77, while OCBC rose 0.2 per cent or S$0.03 to S$12.30. Meanwhile, DBS shed 0.1 per cent or S$0.05 to S$34.74.

In the US, the S&P 500 and Nasdaq ended sharply higher on Friday, extending a rally started the day before after a soft inflation reading raised hopes the Federal Reserve would get less aggressive with US interest rate hikes.

The S&P 500 climbed 0.9 per cent to end the session at 3,993.05 points. The Nasdaq gained 1.9 per cent to 11,323.33 points, while Dow Jones Industrial Average rose 0.1 per cent to 33,749.18 points.

Meanwhile, in Europe, shares notched their best weekly performance in nearly eight months on Friday, largely driven by bets of smaller rate hikes by the Federal Reserve and easing Covid-19 curbs in China.

The Stoxx 600 ended the session up 0.1 per cent at a 11-week high of 432.26, with financial services, mining and retail stocks leading the gains.

Elsewhere in Asia, Tokyo's key Nikkei index opened higher on Monday following Wall Street rallies.

The benchmark Nikkei 225 index was up 0.1 per cent or 36.37 points, at 28,299.94 in early trade, while the broader Topix index was down 0.2 per cent or 3.60 points, at 1,974.16.

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