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Singapore shares rise at open after Wall Street bounce; STI up 0.8%

SINGAPORE stocks opened higher on Tuesday following a bounce on Wall Street overnight. 

All eyes are on the Republic's Nomination Day on Tuesday, which will see political parties' slates set in stone, followed by the kick-off of campaigning for July 10's General Election, where up to 2.65 million Singaporeans will cast their vote. 

On the Singapore bourse, the Straits Times Index rose 0.8 per cent or 21.02 points to 2,595.12 as at 9.04am. 

Gainers outnumbered losers 137 to 21, after 162.7 million securities worth S$227.9 million changed hands.

One of the most active counters by volume was Singtel, which rose 0.4 per cent or S$0.01 to S$2.46 on a cum-dividend basis, with 9.9 million shares traded as at 9.04am. 

Other heavily traded securities included Genting Singapore, which rose 1.3 per cent or one Singapore cent to 77.5 cents with 6.5 million shares traded and Yangzijiang Shipbuilding, which rose 1.1 per cent or one Singapore cent to 93.5 cents with 3.9 million shares traded. 

Banking stocks rose in early morning trade. As at 9.04am, DBS shares were trading up 1.3 per cent or S$0.27 to S$20.79, UOB advanced 0.8 per cent or S$0.16 to S$20.24, while OCBC rose 1.1 per cent or S$0.10 to S$9.01 

Other active index counters included the Singapore Exchange, which rose 1.2 per cent or S$0.10 to S$8.16, as well as Keppel Corp, which rose 0.2 per cent or S$0.01 to S$5.96.

Singapore Press Holdings (SPH) on Monday said it is to develop and operate data-centre facilities in Genting Lane under a joint venture with Keppel Corp's subsidiaries. As at 9.30am, SPH shares were up 1.6 per cent or S$0.02 to S$1.31. 

In the US, stocks finished stronger on Monday, amid improved investor sentiment as Boeing shares surged on progress in returning the 737 MAX to service. The Dow Jones Industrial Average jumped up 2.3 per cent to 25,595.80, the S&P 500 gained 1.5 per cent to 3,053.24, while the Nasdaq Composite Index advanced 1.2 per cent to 9,874.15.

Elsewhere in Asia, Tokyo stocks opened higher on Tuesday after bouncebacks in the US and Europe on optimism over post-lockdown economic activities. The Nikkei 225 index gained 1.6 per cent to 22,335.41 in early trade, while the broader Topix index was up 1.34 per cent or 20.69 points at 1,569.91.

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