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Singapore shares open flat on Wednesday; STI up 0.01% to 3,340.23

SINGAPORE stocks opened flat on Wednesday, with the Straits Times Index advancing just 0.23 points or 0.01 per cent to 3,340.23 as at 9.05am.

Gainers outnumbered losers 72 to 43, as some 87.8 million shares worth S$222.2 million in total changed hands.

The most actively traded counter was ThaiBev with 33.77 million shares traded, rising 0.66 per cent to 76 Singapore cents. Other actives included YZJ Shipbuilding with 11.63 million shares traded, up 7.14 per cent to 97.5 Singapore cents, and Singtel with 4.84 million shares traded, down 1.25 per cent to S$3.16.

Before the market opened on Wednesday, Singtel posted a nearly 7 per cent fall in its first quarter net profit to S$832 million, on weaker profits from Airtel and Telkomsel - its regional associates in India and Indonesia - and its reduced economic interest in Netlink NBN Trust.

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Active index stocks included DBS Bank, down 1.57 per cent to S$26.37, and CapitaLand, down 0.31 per cent to S$3.25.

CapitaLand also announced second quarter earnings before Wednesday's market open, recording a 4.4 per cent rise in net profit on a 35.3 per cent rise in revenue to S$1.34 billion.

In Tokyo, stocks inched higher on Wednesday with investors weighing gains in New York against fresh worries over US-China trade frictions.

In US stocks overnight, Wall Street posted solid gains on Tuesday as investors continued to be buoyed by strong second quarter earnings.

Tesla CEO Elon Musk also sent the company's shares soaring with an announcement of plans to take the electric automaker private, helping push the broad-based S&P 500 close to a new all-time high.