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Singapore shares surge higher on Thursday; STI up 0.76% to 3,365.88

SINGAPORE shares jumped at the start of trading on Thursday, after a record-breaking US trading session that saw its three major indices surge to all-time intraday records. The Straits Times Index gained 25.46 points or 0.76 per cent to 3,365.88 as at 9.05am.

About 70 million shares worth about S$114.2 million changed hands, which worked out to an average unit price of about S$1.63 per share.

Gainers outnumbered losers 123 to 29.

The most actively traded security was Capital World, which surged S$0.009 or 40.9 per cent after announcing it was looking to raise some S$18 million by issuing new ordinary shares to two private investors.

Other actives included Rex International and Golden Agri-Resources.

Among financials, all three local banks' shares jumped higher with DBS advancing S$0.41 or 1.6 per cent to S$25.81, UOB shares gaining S$0.37 or 1.4 per cent to S$26.78 and OCBC up a more gradual S$0.06 or 0.5 per cent to S$11.54.

Among other index stocks, Singtel was trading up S$0.03 or 0.9 per cent to S$3.53 with 5.1 million shares changing hands.

Meanwhile, SGX shares gained S$0.07 or 0.9 per cent to S$8.00 after its regulatory arm SGX RegCo announced changes to two aspects of the voluntary delisting rules for listed firms.

US stocks rallied following dovish commentary from Federal Reserve chairman Jerome Powell that opened the door to an interest rate cut.

But only the tech-rich Nasdaq Composite Index held onto its intraday record, ending up 0.8 per cent at 8,202.53.

The Dow Jones Industrial Average rose 0.3 per cent to 26,860.20, while the S&P 500 added 0.5 per cent at 2,993.07 after earlier rising above 3,000 points for the first time.

In Europe, shares closed lower for a fourth straight session as concerns about trade tensions and a weak global economy highlighted by Mr Powell overshadowed short-lived optimism of an interest rate cut later in the month.

The pan-European STOXX 600 index closed 0.2 per cent lower, and all other major European indices also closed lower.