Singapore shares open higher on Wednesday; STI up 0.53% to 3,347.09

SINGAPORE shares started Wednesday on higher ground, despite a mixed US trading session and lower Europe markets overnight. The Straits Times Index gained 17.63 points or 0.53 per cent to 3,347.09 as at 9.04am.

About 62.6 million shares worth about S$88.1 million changed hands, which worked out to an average unit price of about S$1.41 per share.

Gainers outnumbered losers 100 to 35.

The most actively traded security was digital security company DISA, which traded unchanged at S$0.002 with 7.4 million shares changing hands. Other actives included Thai Beverage and FJ Benjamin.

Among financials, all three local banks gained ground with DBS advancing S$0.11 or 0.4 per cent to S$25.43, OCBC shares gaining S$0.09 or 0.8 per cent to S$11.49 and UOB up S$0.21 or 0.8 per cent to S$26.43.

Among other index stocks, Singtel was trading up S$0.03 or 0.9 per cent to S$3.49 with 5.1 million shares changing hands. Meanwhile, ComfortDelGro shares gained S$0.06 or 2.1 per cent to S$2.90.

Wall Street stocks finished mixed on Tuesday ahead of a congressional appearance by Federal Reserve chairman Jerome Powell as investors await clues on the likelihood of an interest rate cut.

The broad-based S&P 500 added 0.1 per cent at 2,979.63, while the tech-rich Nasdaq Composite Index advanced 0.5 per cent to 8,141.73. But the Dow Jones Industrial Average ended down 0.1 per cent at 26,783.49.

In Europe, German shares drove the continent lower on Tuesday after a profit warning from chemicals giant BASF, while a slump in copper prices hit mining stocks.

The pan-European STOXX 600 index closed 0.5 per cent lower with most major indices in the red but Madrid's IBEX managed to outperform.