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Singapore shares edge slightly higher on Tuesday; STI up 0.1% to 3,128.64
SINGAPORE shares edged slightly higher on Tuesday, with the Straits Times Index gaining 0.1 per cent, or 4.19 points to 3,128.64 as at 9.02am.
This came despite US stocks finishing lower overnight ahead of a wave of key earnings reports, and as markets weighed last week's limited trade deal between the US and China.
The Dow Jones Industrial Average was down 0.1 per cent to 26,787.36, while the broad-based S&P 500 also shed 0.1 per cent to close at 2,966.15, as did the tech-rich Nasdaq Composite Index, which finished at 8,048.65.
On the Singapore bourse, advancers outnumbered decliners 51 to 36, after about 23.2 million shares worth S$17.4 million changed hands.
Among the most heavily traded by volume, Golden Agri-Resources rose 2.4 per cent, or 0.5 Singapore cent to 21.5 cents, with 12.9 million shares traded, while Y Ventures added 1.8 per cent, or 0.2 cent to 11.4 cents, with 992,000 shares traded.
Banking stocks were mostly in the green in the early morning trade - DBS added 0.3 per cent, or seven cents to S$25.07, United Overseas Bank also rose 0.3 per cent, or seven cents to S$26.19, while OCBC Bank was flat at S$10.78.
Other active index stocks included Hongkong Land which was up 0.9 per cent, or five US cents to US$5.56, while Yangzijiang Shipbuilding slipped 0.5 per cent, or 0.5 cent to 97 Singapore cents.
Elsewhere, Asian equities also rose, with Japanese stocks leading the gains.
Japan's Topix gained 1.3 per cent as at 8.13am, Australia's S&P/ASX 200 Index rose 0.1 per cent, while South Korea's Kospi was little changed.
IG market strategist Pan Jingyi said: "With the backdrop of scepticism setting in on US-China trade, Asia markets may find more lacklustre movements going into Tuesday. While the Japanese Nikkei 225 had returned to catch up to the gains, the ASX 200 had been a poignant example of this lack of direction seen flat as a pancake.
"A packed day lies ahead for Asia markets with something for everyone to watch. Asia markets and currencies will continue the scrutiny on Chinese data with China's September inflation numbers expected to continue showing softness in the economy. The RBA (Reserve Bank of Australia) minutes are to be released, while US markets returns on Tuesday with a whole slew of bank earnings, one to watch for risk sentiment."