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Singapore shares edge up at Wednesday's open; STI up 0.3%

SINGAPORE stocks advanced slightly on Wednesday following overnight rallies in the US and Europe markets. 

Enterprise Singapore had on Wednesday released data showing that non-oil domestic exports posted a 4.5 per cent drop year on year in May, after four straight months of growth. 

On the Singapore bourse, the Straits Times Index headed down 0.3 per cent or 7.3 points to 2,674.15 as at 9.04am.

Gainers outnumbered losers 95 to 34, after 58.6 million securities worth S$76.2 million changed hands.

The most active counter by volume was Rex International which held steady at 18.2 Singapore cents with 9.9 million shares traded. 

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Other heavily traded securities included Tuan Sing which rose 6.8 per cent or two Singapore cents to 31.5 cents with 3.2 million shares traded, as well as Singtel, which rose 0.8 per cent or S$0.02 to S$2.55 with 2.3 million shares traded.

Banking stocks rose in early morning trade. DBS was trading up 0.2 per cent or S$0.05 at S$21.71, UOB was up 0.1 per cent or S$0.03 to S$21.15, while OCBC rose 0.6 per cent or S$0.05 to S$9.21.

Other active index counters included Jardine Matheson Holdings which rose 0.1 per cent or US$0.05 to US$42.66 and Wilmar International, which rose 1.8 per cent or S$0.07 to S$3.95. 

Wall Street stocks surged on Tuesday following better-than-expected US retail sales data. The Dow Jones Industrial Average climbed 2 per cent to close at 26,289.98. Meanwhile, the S&P 500 rose 1.9 per cent to 3,124.74, while the tech-rich Nasdaq Composite Index advanced 1.8 per cent to 9,895.87.

In Europe, the pan-European Stoxx 600 index recorded its best day in a month on Tuesday, rising 2.9 per cent and recovering some of the losses of recent sessions. 

Elsewhere in Asia, Tokyo stocks opened slightly lower on Wednesday on profit-taking after the key Nikkei index soared nearly 5 per cent in the previous session. The benchmark Nikkei 225 index was down 0.3 per cent to 22,511.78 in early trade, while the broader Topix index fell 0.1 per cent to 1,591.25.

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