Singapore shares open higher on Monday; STI up 0.2%

SINGAPORE stocks were pulled into positive territory on Monday (May 23) after Wall Street indices ended the week mixed.

The Straits Times Index (STI) gained 0.2 per cent or 7.22 points to 3,247.80 as at 9.01am.

Gainers outnumbered losers 91 to 31 after 93.2 million securities worth S$46.8 million changed hands.

Investment holding company HGH Holdings was the most actively traded counter in terms of volume, rising S$0.002 or 11.1 per cent to S$0.02 after 13.1 million shares were traded.

Shares of Sembcorp Marine also saw brisk trading with 11.4 million shares changing hands. Its share price was up S$0.002 or 2 per cent at S$0.101 in early trade.

Among index counters, Frasers Logistics & Commercial Trust remained unchanged at S$1.35 after 3.2 million of its units were traded at the open.

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The trio of local banks were largely in positive territory on Monday morning. DBS and UOB both gained S$0.04 or 0.1 per cent each to trade at S$31.24 and S$29.46, respectively. OCBC opened flat at S$11.75.

Over in the US, stocks ended a bruising week of losses on an uncertain note, as worries about a recession continued to weigh on the market.

The Dow Jones Industrial Average ended Friday unchanged at 31,261.90, while the tech-rich Nasdaq Composite Index fell 0.3 per cent to 11,354.62. The broad-based S&P 500 finished at 3,901.36, basically unchanged for the day but down 3 per cent for the week.

European shares closed higher on Friday, boosted by defensive sectors after hopes of an economic recovery in China were bolstered by more central bank stimulus.

The pan-European Stoxx 600 index was lifted by 0.7 per cent as travel and tourism stocks, financial services, healthcare and utilities led gains in Europe.

Elsewhere in Asia, Tokyo stocks opened Monday higher following the mixed US market.

The benchmark Nikkei 225 index was up 1 per cent, or 264.04 points, at 27,003.07 in early trade, while the broader Topix index was up 0.8 per cent, or 15.85 points, at 1,893.22.