Singapore shares open 0.9% up on Thursday

SINGAPORE stocks opened 0.9 per cent higher on Thursday after a surprise currency easing move by the Monetary Authority of Singapore (MAS) before the opening bell and an overnight rally on Wall Street.

The Straits Times Index jumped 25.79 points to 2,916.2 as at 9.00am, after the MAS said it was moving to a neutral policy stance of zero per cent appreciation of the S$NEER (Singapore dollar nominal effective exchange rate) band.

Blue chips and energy-related counters were in play. About 52.5 million shares worth S$89.5 million in total changed hands as at 9.00am, which worked out to an average unit price of S$1.70.

The most actively traded stock was Magnus Energy, which was flat at S$0.003 with 12 million shares changing hands. Other actives included Annica and Ezra Holdings.

Gainers outnumbered losers at 89 to 18, or about five up for every one down.