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Singapore shares climb at open following gains on Wall Street; STI up 1.1%

SINGAPORE shares opened higher on Tuesday tracking gains in the US market overnight, with the Straits Times Index gaining 31.89 points or 1.1 per cent to 3,039.61 as at 9.05am.

Gainers outnumbered losers 188 to 24, after 123.6 million securities worth S$149.3 million changed hands.

Rex International was the most traded counter by volume in the morning, rising 0.3 Singapore cent or 1.6 per cent to 19.4 cents after 10.9 million shares were traded.

Watch-listed Reenova Investment jumped 0.1 Singapore cent or 50 per cent to 0.3 cent on five million shares traded.

CapitaMall Trust traded up S$0.02 or 0.9 per cent to S$2.33 after three million shares changed hands.

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All three local banks, trading cum dividend, gained ground in early trade. DBS rose S$0.29 or 1.2 per cent to S$24.34, OCBC climbed S$0.13 or 1.2 per cent to S$10.71, while UOB advanced S$0.15 or 0.6 per cent to S$24.39.

Wall Street stocks had surged on Monday, staging a dramatic comeback after a historically bad week as markets cheered news that global finance heavyweights are planning a coordinated response to the coronavirus epidemic.

The Dow Jones Industrial Average jumped 5.1 per cent, a gain of nearly 1,300 points, to end the day at 26,703.32 after the index shed more than 12 per cent last week.

The broad-based S&P 500 bounced back 4.6 per cent to finish at 3,090.23, while the tech-rich Nasdaq Composite Index advanced 4.5 per cent to 8,952.16.

Elsewhere in Asia, Japan also opened higher. The benchmark Nikkei 225 index rose 1.2 per cent or 256.66 points to 21,600.74, while the broader Topix index was up 1.3 per cent or 19 points at 1,544.87.

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