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Singapore shares rise at Tuesday's open; STI up 0.23% to 3,342.06

SINGAPORE stocks opened higher on Tuesday, with the Straits Times Index increasing 0.23 per cent or 7.83 points to 3,342.06 as at 9.01am, after US and Europe markets fell overnight. 

Banks had led the slight dip in European shares on Monday, with Deutsche Bank declining amid news of its major restructuring, while investors moderated hopes of a sharp interest-rate cut by the US Federal Reserve.

In Singapore, however, banking stocks opened slightly stronger, with DBS Group Holdings up 0.6 per cent or S$0.16 to S$25.53; United Overseas Bank up 0.6 per cent or S$0.15 to S$26.22; and OCBC Bank, up 0.8 per cent or S$0.09 to S$11.40.

Losers outnumbered gainers 51 to 37 on the Singapore bourse, after 27.0 million securities worth S$42.7 million changed hands.

Among the most heavily traded by volume, LionGold Corp held firm to S$0.001 with four million shares traded. Singtel held steady to S$3.48 with 2.1 million shares traded. Thai Beverage Public Co declined 0.6 per cent or S$0.005 to S$0.86 with 1.8 million shares traded.

Active index stocks included Keppel Corp, up 0.2 per cent or S$0.01 to S$6.53; Ascendas Real Estate Investment Trust (Reit) was up 0.6 per cent or S$0.02 to S$3.13, following news that six CapitaLand properties held under the Reit will have rooftop solar farms installed in a partnership with Sembcorp Industries. 

Elsewhere in Asia, Tokyo stocks opened higher on Tuesday, with the Nikkei 225 index up 0.29 per cent or 62.61 points at 21,596.96 in early trade, while the Topix index was up 0.21 per cent or 3.24 points at 1,581.64.

In Europe, the pan-European STOXX 600 index ended declined marginally with all major indices trading weaker. Madrid's bank-heavy index underperformed but London's FTSE 100 outperformed, boosted by miners and oil majors.

In the US, the Dow Jones Industrial Average fell 115.98 points, or 0.43 per cent, to 26,806.14, the S&P 500 declined 14.46 points, or 0.48 per cent, to 2,975.95, while the Nasdaq Composite dropped 63.41 points, or 0.78 per cent, to 8,098.38.