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Singapore shares rise for sixth day in a row; STI up 0.8%

SINGAPORE stocks opened higher on Monday for the sixth day in a row, buoyed by strong showing from Singapore banks and further activity as Singapore Airlines' rights shares begin trading. 

The Straits Times Index (STI) advanced 0.8 per cent or 21.8 points to 2,773.30 as at 9.04am.

Gainers outnumbered losers 170 to 37, after 138.2 million securities worth S$164.6 million changed hands.

The most active counter by volume was Rex International, which rose 2.6 per cent or 0.5 Singapore cent to 19.6 cents with 10.8 million shares traded.

Singapore Airlines was up 0.5 per cent or S$0.02 at S$4.35 with 14.1 million shares traded. The national carrier's fully subscribed rights shares began trading on Monday. 

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Other heavily traded counters include Keppel Reit, which was down 0.9 per cent or S$0.01 to S$1.15 with 4.1 million shares traded.

Banking stocks rose in early trade. As at 9.04am, DBS was trading up 0.8 per cent or S$0.18 at S$22.46, UOB was up 1.8 per cent or S$0.40 at S$22.40 on a cum-dividend basis, while OCBC rose 1.4 per cent or S$0.13 to S$9.57.

Other active index counters include Singtel, which advanced 0.8 per cent or S$0.02 to S$2.65 on a cum-dividend basis, and Mapletree Logistics Trust, which fell 1 per cent or S$0.02 to S$1.97.

Elsewhere in Asia, Tokyo stocks opened higher on Monday as investors took heart from rallies on Wall Street and a cheaper yen against the dollar. The benchmark Nikkei 225 index climbed 1.1 per cent to 23,103.90 in early trade, while the Topix index jumped 0.9 per cent to 1,626.25.

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