Singapore stocks higher on Thursday, following Georgia Senate elections; STI up 1.5%

SINGAPORE stocks made strong gains on Thursday morning, mirroring regional trends, after the Democrats in the US clinched victory in the Georgia Senate run-off elections.

The benchmark Straits Times Index (STI) was up 1.5 per cent or 42.57 points to 2,905.58, as at the midday break. Gainers outnumbered losers 272 to 165, after 1.22 billion securities worth S$863.5 million changed hands.

The trio of local banks was among the strongest gainers on the index on Thursday morning. DBS was the top performer, with its shares rising 3.9 per cent or S$0.98 to S$26.16. UOB shares were up 2.8 per cent or S$0.63 to S$23.19, while OCBC shares gained 2.1 per cent or S$0.21 to S$10.30 as at the midday break.

Other index stocks that also saw gains over 2 per cent in morning trade included Yangzijiang Shipbuilding, SATS and CapitaLand.

Major stock market indices across the Asia-Pacific were mostly trading in the green on Thursday, tracking overnight gains on major Wall Street indices, as investors there largely shrugged off unrest in Washington, after the Democrats clinched victory in the second Georgia Senate run-off elections.

The Democrats picked up two seats taking the chamber to a 50-50 tie between them and the Republicans. With the chamber evenly split, Democratic Vice-president elect Kamala Harris will play the role of the tie-breaker, giving Democrats control of the Senate as well as the House of Representatives.

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The Nikkei 225 index in Japan was up 1.6 per cent to 27,488.64 in afternoon trading. In Australia, the ASX 200 was up 1.8 per cent to 6,724.1, while the Kospi in South Korea was up 2.7 per cent to 3,046.76.