Singapore stocks open higher on Tuesday; STI up 0.1%

SINGAPORE shares opened on slightly stronger ground on Tuesday, with the benchmark Straits Times Index (STI) rising 0.1 per cent or 1.5 points to 2,573.05 as at 9.08am. Gainers outnumbered losers 84 to 62, after 70 million securities worth S$71.9 million changed hands.

Among the most active counters by volume was Thai Beverage Public Co (ThaiBev), which gained 0.8 per cent or 0.5 Singapore cent to 64 cents, with 13.8 million shares changing hands as at 9.09am. ThaiBev was the most actively traded stock on the Singapore Exchange on Monday after it posted a business update for the nine months ended June 2020 implying that its Q3 revenue declined about 15 per cent year on year.

ComfortDelGro gained 2.1 per cent or S$0.03 to S$1.45, with 3.3 million shares traded, while Genting Singapore was trading flat at S$0.70, with 1.3 million shares traded.

The trio of local banks put in a mixed showing in early trade. DBS sank 0.6 per cent or S$0.12 to S$20.88. UOB gained 0.8 per cent or S$0.15 to S$20.23, while OCBC Bank rose 0.2 per cent or S$0.02 to S$8.93.

Other active index counters include Wilmar International, which gained 0.8 per cent or S$0.04 to S$4.79.

Riverstone Holdings rose 1.4 per cent or S$0.05 to S$3.69, while Singapore Telecommunications fell 0.4 per cent or S$0.01 to S$2.39. The telco on Monday posted a 24.2 per cent fall in earnings, which it attributed to "intense" competition and travel curbs.

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In the US, the Nasdaq powered to a fresh record on Monday, benefiting from continued bullishness on tech stocks that have prospered during the coronavirus pandemic.

European shares closed higher on Monday as China-exposed miners jumped on fresh stimulus for the world's second-largest economy, but concerns about a resurgence of coronavirus cases in the region kept gains in check.

Elsewhere in Asia, Tokyo shares opened flat on Tuesday as investors sat on their hands awaiting the release of minutes from the US Federal Reserve meeting.