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Singapore shares open 13 points higher on Wednesday


SINGAPORE shares opened higher on Wednesday with the Straits Times Index up by 12.9 points at 2,898.22 as at 9.17am.

Turnover stood at 176 million shares worth S$159 million with 130 counters up and 45 counters down.

Wall Street posted sharp gains overnight on Tuesday after a three-day holiday weekend, with the main indices recording their second largest daily gains of the year.

The gains were fuelled by hopes of more stimulus measures from Beijing after the world's second largest economy released data that showed imports shrank more than expected.

"I am expecting markets across Asia to go into risk-on mode today. The Straits Times Index (STI) is likely to rally beyond 2,900 today," said Bernard Aw, IG market strategist in a morning note.

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