Singapore stocks rise at Monday's open; STI up 0.3%

SINGAPORE shares opened higher on Monday, tracking gains on Wall Street. The Straits Times Index (STI) gained 0.3 per cent or 9.64 points to 3,188.19 as at 9.01am. Gainers outnumbered losers 101 to 43, with 66.4 million securities worth S$42.7 million changing hands.

Addvalue Technologies was the most actively traded counter by volume with 10.3 million shares worth S$230,000 traded within the first minute of market open. Its shares were trading flat at 2.2 Singapore cents.

This follows the mainboard-listed firm's announcement on Monday morning that its subsidiary will supply satellite communication solutions to more than 1,000 Chinese fishing vessels through a new additional contract secured with CTTIC Shanghai.

Chasen also saw brisk trading, with seven million shares worth S$480,000 changing hands. Its shares gained 7.8 per cent or 0.5 Singapore cent to 6.9 cents.

In a filing on Sunday, the logistics firm posted a net profit of S$1.7 million for its financial year ended March 31, 2021, on stronger performances by its specialist relocation and third-party logistics segments, sharply reversing the net losses that amounted to S$15.5 million for its previous financial year.

Index stock Singapore Airlines was also actively traded, with 390,500 shares worth S$2 million traded as at 9.01am. The counter gained 1 per cent or S$0.05 to S$5.01.

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The trio of local banks were higher in early trade. UOB rose the most, up by 0.5 per cent or S$0.14 to S$26.42 in early trading. DBS jumped 0.4 per cent or S$0.11 to S$30.52, while OCBC rose by 0.2 per cent or S$0.03 to S$12.53 as at 9.01am.

Over on Wall Street, stocks shrugged off data showing increased inflation to close modestly higher on Friday, after solid earnings. The Dow Jones Industrial Average ended up 0.2 per cent at 34,529.45, the broad-based S&P 500 inched up 0.1 per cent to 4,204.11 and the tech-rich Nasdaq gained 0.1 per cent to 13,748.74.

European stocks ended at a new high on Friday, after British-exposed financial stocks gained following a hawkish comment from a Bank of England official and prospects of increased US fiscal spending improved market sentiment. The pan-European Stoxx 600 rose 0.6 per cent to 448.98 points, a record high.

Elsewhere in Asia, Tokyo stocks opened lower on Monday after ending with rallies last week, as investors track economic indicators in Japan and overseas. The benchmark Nikkei 225 index slipped 0.5 per cent or 140.97 points to 29,008.44 in early trade, while the broader Topix index slid 0.4 per cent or 8.17 points to 1,939.27.