Singapore shares regain footing at Tuesday's open, tracking global rise; STI up 0.1%

SINGAPORE shares rebounded when the market opened on Tuesday (Nov 30), after the US and Europe markets regained some of their losses from the previous 2 trading sessions.

Investors appear to be less worried on Monday (Nov 29) as vaccine makers Pfizer and Johnson & Johnson indicated they were already working on a potential formula targeted at the new coronavirus strain, thus limiting the impact of the latest outbreak.

The Straits Times Index (STI) moved up 0.1 per cent or 4.13 points to 3,124.71 as at 9.03 am.

Gainers outnumbered losers 84 to 41, after 71.2 million securities worth S$100 million changed hands.

Sembcorp Marine S51 : S51 0%was the most actively traded by volume at the open, opening higher at S$0.085, up S$0.002 or 2.4 per cent, with 8 million shares changing hands.

Yangzijiang Shipbuilding BS6 was also actively traded, rising 2.3 per cent or S$0.03 to S$1.33, with 6.7 million shares traded. Glovemaker UG Healthcare 8K7 : 8K7 0% was down 5.9 per cent or S$0.025 to S$0.40, with 3.2 million shares traded.

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DBS D05 went up by 0.6 per cent or S$0.19 at S$30.98. OCBC O39 was up 0.2 per cent or S$0.02 to S$11.36. UOB U11, : U11 0%however, was down 0.4 per cent or S$0.11 to S$26.42 as at 9.04 am.

Other active index counters include Singapore Airlines C6L, which was up 0.4 per cent or S$0.02 to S$4.93, and ComfortDelGro C52 : C52 0%which was down 0.7 per cent or S$0.01 to S$1.42.

Over on Wall Street, US stocks partially recovered on Monday, winning back some of Friday's (Nov 26) losses. The Dow Jones Industrial Average finished at 35,135.94, up 0.7 per cent, while S&P 500 gained 1.3 per cent to 4,655.27 and Nasdaq Composite Index jumped 1.9 per cent to 15,782.83.

In a testimony released on Monday, Federal Reserve chair Jerome Powell said the Omicron variant could slow the recovery of the US economy and labour market, and heighten uncertainty regarding inflation.

In Europe, stocks also rose on Monday after suffering its worst day in 17 months on Friday. The pan-European Stoxx 600 ended 0.7 per cent higher after dropping 3.7 per cent on Friday, logging its best day in a month.

Elsewhere in Asia, Tokyo stocks opened higher on Tuesday, with the Nikkei 225 index up 1.1 per cent or 318.09 points at 28,602.01 in early trade, while the broader Topix index was up 1.1 per cent or 21.82 points at 1,970.30.