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Singapore shares rise on Tuesday; STI up 0.05%

SINGAPORE shares edged up at the opening bell on Tuesday following a rally in the US markets sparked by the new US-China trade deal.

Singapore's Straits Times Index gained 1.46 points or 0.05 per cent to 3,207.55 as at 9.06am.

Gainers outnumbered losers 74 to 42, after 49.9 million securities worth about S$52.3 million changed hands.

Fruits distributor SunMoon Food was the most traded counter by volume in the morning, rising S$0.004 or 7.8 per cent to S$0.055 after 7.2 million shares were traded.

Catalist-listed waste management firm Sen Yue jumped S$0.006 or 21.4 per cent to S$0.034 after 6.7 million shares changed hands.

Active index stock Singtel was up S$0.01 or 0.3 per cent to S$3.38 while Suntec Reit units traded unchanged at S$1.81.

Bucking the positive trend, all three local banks declined in early trade. DBS fell S$0.11 or 0.4 per cent to S$25.59, OCBC lost S$0.03 or 0.3 per cent to S$10.88 while UOB decreased S$0.15 or 0.6 per cent to S$26.27.

A Wall Street rally sparked by the new US-China trade deal lifted US stocks to their third straight record closes on Monday.

Investors were also cheered by upbeat economic data out of China.

The benchmark Dow Jones Industrial Average closed up 0.4 per cent at 28,235.89, the S&P 500 added 0.7 per cent to close at 3,191.45 and the tech-heavy Nasdaq rose the furthest, closing up 0.9 per cent at 8,814.23.

In Europe, London's FTSE 100 jumped 2.3 per cent on the back of the preliminary US-China trade deal and the British Conservative Party's election victory.

Elsewhere in Asia, Tokyo also opened higher as the benchmark Nikkei 225 index gained 0.49 per cent or 118.38 points to 24,070.73 in early trade, while the broader Topix index was up 0.42 per cent or 7.35 points at 1,744.22.