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Singapore shares clock further gains, Sembcorp jumps; STI up 0.9% at open

SINGAPORE shares sustained their upward momentum from last week, when they began trading on Tuesday morning.

The benchmark Straits Times Index (STI) added 26.08 points or 0.9 per cent to 2,823.05 as at 9.17am. 

Gainers outnumbered losers 147 to 89. About 247.2 million securities worth S$288.3 million had changed hands.

Heavy volume was seen in the shares of Sembcorp Industries (SCI) and Sembcorp Marine (Sembmarine), just as their trading halts were both lifted following their announcement about a massive S$2.1 billion recapitalisation for Sembmarine and a "demerger" from each other.

SCI jumped 30.7 per cent or S$0.47 to S$2.00 with 21.8 million shares traded as at 9.20am. In stark contrast, Sembmarine sank 34.7 per cent or 29.5 Singapore cents to 55 cents, with 24.4 million shares changing hands.

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Meanwhile, the trio of Singapore banks were all in the green in early trade. DBS rose 1.7 per cent or S$0.40 to S$23.49, UOB was up 2.9 per cent or S$0.66 to S$23.32, while OCBC Bank gained 1.82 per cent or S$0.18 to S$9.94.

Other active index counters include Singtel, which increased by 0.8 per cent or S$0.02 to S$2.66, and Singapore Airlines, which advanced 1.4 per cent or S$0.06 to S$4.35

In the US, Wall Street indices powered to a strong finish on Monday, with the Nasdaq hitting a new record and the S&P 500 erasing its losses for the year.

Elsewhere in Asia, Tokyo stocks opened lower on Tuesday as investors locked in profits after six straight days of rallies despite hopes for a global economic recovery from the coronavirus pandemic.

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