Singapore stocks open slightly higher on Thursday; STI inch up 0.1%

SINGAPORE shares opened slightly higher on Thursday. The Straits Times Index (STI) gained 0.1 per cent or 1.95 points to 3,155.42 as at 9.01am.

Gainers outnumbered losers 88 to 50, with 155.7 million securities worth S$37.11 million changing hands.

Advanced Systems was the most actively traded counter by volume, with 89.6 million shares worth S$90,000 traded as at 9.01am. Its shares were trading flat at 0.1 Singapore cent.

On Wednesday night, Advanced Systems announced a proposed acquisition of 100 per cent of the shares in the issued and paid-up share capital of Excelgames Interactive Asia Holdings from three vendors for a base consideration of S$120 million, with the possibility of an additional consideration. This would result in a change in control of the company and would constitute a reverse takeover.

Abundance International also saw brisk trading, with 16 million shares worth S$500,000 changing hands within the first minute of market open. Its shares rose 10.7 per cent or 0.3 Singapore cent to 3.1 cents.

Index stock Singtel was also actively traded, with 833,600 shares worth S$1.9 million traded as at 9.01am. The counter was up 0.4 per cent or S$0.01 at S$2.35.

The trio of local banks were mixed in early trade. DBS gained 0.03 per cent or S$0.01 to S$29.73, UOB was flat at S$26.03, while OCBC slipped 0.2 per cent or S$0.03 to S$12.33 as at 9.01am.

Over on Wall Street, stocks ended lower after sluggish trading on Wednesday as markets await key consumer inflation data. The Dow Jones Industrial Average fell 0.4 per cent to 34,447.14, the broad-based S&P 500 lost 0.2 per cent to 4,219.55, while the tech-rich Nasdaq shed 0.1 per cent to end the day at 13,911.75.

European stocks remained near record highs on Wednesday, with investors holding off on making big bets ahead of a European Central Bank (ECB) policy decision and US inflation data. The pan-European Stoxx 600 edged up 0.1 per cent to close just shy of the record high of 455.66 it hit in the previous session.

Elsewhere in Asia, Tokyo stocks opened lower on Thursday in cautious trading, ahead of US inflation data and the ECB meeting. The benchmark Nikkei 225 index dipped 0.1 per cent or 37.51 points to 28,823.29 in early trade, while the broader Topix index declined 0.2 per cent or 4.14 points to 1,953.00.