Singapore shares open higher after positive export data; STI up 0.1%

SINGAPORE stocks opened higher on Wednesday (Aug 17) after data from Enterprise Singapore showed a 20th straight month of growth for key exports. Non-oil domestic exports (NODX) rose 7 per cent year on year in July.

The Straits Times Index (STI) was up 0.1 per cent or 4.02 points to 3,257.81 as at 9.01 am. Gainers outweighed losers 56 to 41 after 34.5 million securities worth S$23.2 million shares changed hands.

Pollux Properties was the most actively traded counter in the morning with 4.8 million shares transacted. The counter rose 13.6 per cent or S$0.008 to S$0.067.

Among index counters, ThaiBev remained unchanged at S$0.67 after 1.4 million shares were traded.

The trio of local banks traded higher at Wednesday's open. DBS rose S$0.13 or 0.4 per cent to S$32.44, OCBC increased S$0.05 or 0.4 per cent to S$12.23 and UOB rose S$0.13 or 0.5 per cent to S$27.01 in early trade.

Over in the US, equities ended the day mixed after bouncing around for most of the session as investors pitted solid retail company earnings against disappointing housing data. 

The Dow Jones Industrial Average gained 0.7 per cent to finish the day at 34,152.01, while the broad-based S&P 500 was up 0.2 per cent to 4,305.2. Meanwhile, the tech-rich Nasdaq Composite Index retreated, falling 0.2 per cent to end at 13,102.55 after recovering from the low point of the day.

European shares extended gains for a fifth straight session on Tuesday, buoyed by defensive sectors and miners, although concerns over a potential recession limited further upside.

The continent-wide Stoxx 600 index inched up 0.2 per cent, hitting a fresh 10-week high after recouping much of its June losses this week.

Elsewhere in Asia, Tokyo stocks opened higher on Wednesday as investors took heart from strong US retail sector reports and as worries eased over inflation.

The benchmark Nikkei 225 index was up 0.4 per cent or 114.52 points at 28,983.43 in early trade, while the broader Topix index advanced 0.5 per cent or 9.10 points to 1,991.06.

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