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Singapore shares rise at Thursday's open, tracking US gains; STI up 0.5%

SINGAPORE stocks opened higher on Thursday, tracking strong US gains overnight on Wall Street.

The benchmark Straits Times Index (STI) rose 0.5 per cent or 13.76 points to 2,575.70 as at 9.04am. Gainers outnumbered losers 119 to 38, after 95 million securities worth S$58 million changed hands.

Among the most active counters by volume was Singtel, which gained 0.8 per cent or S$0.02 to S$2.69, with 3.8 million shares changing hands. 

Among other heavily traded securities was Singapore Airlines, which rose 2.8 per cent or S$0.10 to S$3.67, with 2.4 million shares changing hands. Meanwhile, Genting Singapore was higher by 1.3 per cent or S$0.01 to S$0.78 with 1.3 million shares traded. 

The trio of local banks all rose in early morning trade. DBS was up 0.7 per cent or S$0.14 at S$19.64, OCBC gained 0.5 per cent or S$0.04 to S$8.96, while UOB rose 0.5 per cent or S$0.09 to S$19.86.

Other active index counters included the Singapore Exchange (SGX), which rose 0.4 per cent or S$0.04 to S$9.94, and SATS, which gained 2.2 per cent or S$0.06 to S$2.85.

Elsewhere, CapitaLand advanced 0.7 per cent or S$0.02 to S$2.92.

Led by tech giants, Wall Street finished solidly higher on Wednesday as investor optimism over the reopening of the economy offset worries about the hit from Covid-19 lockdowns.

European stocks also clocked their strongest close in three weeks on the back of positive Wall Street performance and a rise in technology stocks.

In Asia, Tokyo stocks opened higher on Thursday following US gains. Traders were also buoyed by the prospect of a state of emergency being lifted in western Japan later in the day.

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