Singapore shares start new year with gains; STI up 0.27% at Thursday's open

SINGAPORE stocks kicked off the new year on higher ground, following the release of advance estimates on economic growth by the Ministry of Trade and Industry.

The Republic's gross domestic product expanded 0.8 per cent in the fourth quarter of 2019, in line with private sector economists' expectations.

Singapore's Straits Times Index headed up 0.27 per cent or 8.63 points to 3,231.46 as at 9.03am on Thursday, the first day of trading for 2020.

Gainers outnumbered losers 94 to 35, after 30.7 million securities worth S$28.4 million changed hands.

Among the most heavily traded was AEM which surged 3 per cent or S$0.06 to S$2.08 with 1.9 million shares changing hands as at 9.03am. Yangzijiang Shipbuilding gained 0.9 per cent or S$0.01 to S$1.13 with 1.5 million shares traded, while Oxley Holdings climbed 2.8 per cent or S$0.01 to S$0.365 on 1.2 million shares traded.

Banking stocks were mixed in early morning trade. DBS was trading up 0.4 per cent or S$0.10 at S$25.98, after the lender revised some terms for its flagship savings account, the DBS Multiplier.

OCBC Bank lost 0.1 per cent or S$0.01 to S$10.97, while UOB rose 0.3 per cent or S$0.09 to S$26.50 as at 9.03am.

Other active index counters included the Singapore Exchange (SGX) which increased 0.5 per cent or S$0.04 to S$8.90. SGX on Thursday set up a working group to review its retail bonds framework.

Keppel Corp was flat at S$6.77 as at 9.03am on Thursday. The company on Wednesday said it is drawing up a plan for the next decade, which may involve shedding non-core businesses.