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Singapore stocks open muted on Wednesday; STI up 0.01%
SINGAPORE shares entered Wednesday’s morning session barely moved, with the Straits Times Index gaining 0.21 point or 0.01 per cent to 2,530.51 as at 9.01am.
This comes despite the unveiling of a S$33 billion Fortitude Budget by Deputy Prime Minister and Finance Minister Heng Swee Keat on Tuesday to support firms, save jobs, and create opportunities for workers.
On the Singapore bourse, gainers outnumbered losers 79 to 38, after about 36.1 million securities worth S$62 million changed hands.
Among the index securities, the most heavily traded by volume was ComfortDelGro which slipped S$0.01 or 0.7 per cent to S$1.52, with 2.9 million shares traded.
DBS Group Research and Maybank Kim Eng on Tuesday both lowered their target prices on the counter, after factoring in lower rail ridership in Singapore, a weaker Aussie dollar and fewer routes in the UK, among other things.
Meanwhile, Mapletree Logistics Trust gained S$0.03 or 1.6 per cent to S$1.92, with 2.4 million units changing hands.
The trio of banking stocks was up in the early session of trading. DBS added S$0.10 or 0.5 per cent to S$19.54, UOB gained S$0.07 or 0.4 per cent to S$19.76, while OCBC Bank was up S$0.02 or 0.2 per cent to S$8.63.
Other active securities included Jardine Matheson Holdings which fell US$1.24 or 3 per cent to US$39.66, while Genting Singapore gained S$0.01 or 1.3 per cent to S$0.77.
Over in the US, Wall Street stocks closed higher overnight on vaccine hopes and as businesses restart with more states emerging from coronavirus shutdowns.
The New York Stock Exchange also resumed floor trading after shuttering for two months due to the pandemic.
On Tuesday, the Dow Jones Industrial Average advanced 2.2 per cent to close at 24,995.11, the broad-based S&P 500 added 1.2 per cent to 2,991.77, while the tech-rich Nasdaq Composite Index edged up 0.2 per cent to 9,340.22.
Over in the Asia-Pacific region, equities saw a mixed open as investors' concerns about rising tensions between the US and China tempered optimism.
Japan's Topix gained 0.2 per cent, while South Korea's Kospi slipped 0.1 per cent and Australian stocks fell 0.5 per cent.