Singapore stocks open higher on Tuesday; STI up 0.4%

SINGAPORE shares opened higher on Tuesday, extending recent gains. The Straits Times Index (STI) was up 0.4 per cent or 13.71 points to 3,154.73 as at 9.02am.

Gainers outnumbered losers 92 to 39, with 77.3 million securities worth S$50.4 million changing hands.

The most active counter by volume was Serial System, with 11.3 million shares worth S$1.8 million traded as at 9.02am. Its shares were flat at 16 Singapore cents.

Rex International was also heavily traded, with 6.3 million shares worth S$1.3 million changing hands. The counter was up 0.5 Singapore cent or 2.5 per cent at 20.5 cents. The oil and gas company announced on Tuesday morning that it would invest up to US$4 million in a commercial drone company as part of diversification efforts.

Among index counters, Ascendas Reit and Thai Beverage saw brisk trading. The real estate investment trust was up S$0.01 or 0.3 per cent at S$2.99, while ThaiBev was down 0.5 Singapore cent or 0.7 per cent at 67.5 cents.

Banking stocks were up in early trade. DBS rose S$0.19 or 0.6 per cent to S$30.19, UOB gained S$0.14 or 0.5 per cent to S$26.06, while OCBC climbed S$0.05 or 0.4 per cent to S$11.97.

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In the US, markets were closed for an extended 4th of July weekend.

Meanwhile in Europe, upbeat eurozone business activity saw European shares reverse session losses on Monday, leaving them just about half a per cent away from all-time peaks, while a nearly 12 per cent surge in UK grocer Morrison sent London mid-caps to record highs. Extending gains to a third straight session, the pan-European Stoxx 600 advanced 0.3 per cent.

Elsewhere in Asia, Tokyo stocks opened higher on Tuesday as investors sought fresh cues while keeping an eye on rising coronavirus cases just two-and-a-half weeks before Japan hosts the Olympics. The Nikkei 225 index added 0.4 per cent or 101.86 points to 28,700.05 in early trade, while the broader Topix index rose 0.3 per cent or 5.11 points to 1,954.10.