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Singapore shares open 0.14% higher on Tuesday

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SINGAPORE shares gained in the first few minutes after the stock market opened on Tuesday, following European market gains the previous day after an Italian vote against constitutional reform.

The benchmark Straits Times Index rose 0.14 per cent or 4.01 points to reach 2,947.06 at 9.03am.

Some 58.6 million shares worth S$85 million changed hands. Gainers beat losers 82 to 45.

This came a day after Italy's vote against constitutional reform came as expected. The referendum held on Dec 4 soundly rejected Prime Minister Matteo Renzi's plan.

After the vote, Mr Renzi announced his resignation, opening the door wider to the rise of the populist anti-euro, right-wing Five Star Movement.

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European markets, burned by Brexit and US real estate mogul Donald Trump's surprising victory in the presidential election, had priced in the risks from an upset in Italy. Some observers also noted that it does not mean that Italy will be speeding up its exit from the euro.

The Stoxx Europe 600 Index climbed 0.6 per cent on Monday and emerging-market equities climbed 0.4 per cent, Bloomberg reported.

Markets now look to the US Federal Reserve's interest-rate decision next week.

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