Singapore stocks open higher on Thursday; STI up 0.4%

SINGAPORE shares opened higher on Thursday, tracking Wall Street gains.

The Straits Times Index (STI) gained 0.4 per cent or 10.03 points to 2,509.36 as at 9.05am. Gainers outnumbered losers 108 to 22, after 82.5 million securities worth S$66.5 million changed hands.

Among the most active counters by volume was Sembcorp Marine (SMM), which advanced 1.6 per cent or 0.3 Singapore cent to 19.3 cents, with 9.6 million shares changing hands as at 9.05am. Meanwhile, Sembcorp Industries (SCI) rose 2.4 per cent or S$0.04 to S$1.20, with 4.8 million shares traded.

Investors piled into SCI shares on Wednesday, which was the counter's first day of trading excluding entitlements, while SMM fell following news that investors had approved its demerger with SCI.

Singapore Telecommunications put on 1.4 per cent or S$0.03 to S$2.25, with 2.6 million shares changing hands. The telco on Wednesday said it is pacing its investment for 5G deployment, and is on track to roll out its 5G network coverage.

The trio of local banks all rose in early trade. DBS gained 0.6 per cent or S$0.12 to S$20.64, OCBC rose 0.4 per cent or S$0.03 to S$8.60, while UOB climbed 0.5 per cent or S$0.09 to S$19.37.

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Other active index counters include Yangzijiang Shipbuilding, which edged up 0.5 per cent or 0.5 Singapore cent to 95.5 cents.

ComfortDelGro Corp rose 0.7 per cent or S$0.01 to S$1.53, while Singapore Airlines advanced 0.8 per cent or S$0.03 to S$3.61.

In the US, Wall Street stocks rebounded on Wednesday following three losing sessions, with large technology companies back on the upswing after a pullback.

European shares bounced back on Wednesday, on the eve of the European Central Bank's (ECB) policy meeting, as AstraZeneca reversed declines after a report that said it may resume its Covid-19 vaccine trial next week.

Elsewhere in Asia, Tokyo stocks opened higher on Thursday, supported by rallies on Wall Street. However, trading was cautious ahead of the ECB meeting, which has the potential to move currency rates.