Singapore stocks rise at open, tracking Wall Street rebound; STI up 0.4%

SINGAPORE shares opened stronger on Tuesday following a rebound on Wall Street, as investors await key economic data and a Federal Reserve meeting in the coming days.

The Straits Times Index (STI) rose 0.4 per cent or 11.04 points to 3,085.35 as at 9.04am. Gainers outnumbered losers 93 to 35, after 59 million securities worth S$65.1 million changed hands.

The most active counter by volume was Singapore Myanmar Investco, which rose 3.9 per cent or 0.5 Singapore cent to 13.3 cents, with nine million shares changing hands.

Other heavily traded securities include CapitaLand Integrated Commercial Trust, which was up 1 per cent or S$0.02 to S$2.04, with 3.3 million units traded, and Singtel, which gained 0.4 per cent or S$0.01 to S$2.40.

Banking stocks rose in early trade. DBS was up 0.1 per cent or S$0.04 to S$30.33, UOB advanced 0.6 per cent or S$0.16 to S$25.73, while OCBC was 0.3 per cent or S$0.03 higher at S$11.66.

Other active index counters include Ascendas Reit, which climbed 1.3 per cent or S$0.04 to S$3.09, and the Singapore Exchange, which gained 0.5 per cent or S$0.05 to S$10.08.

The bourse operator is seeking approval from eligible shareholders for the issuance of new shares under its scrip dividend scheme at the annual general meeting on Oct 7, it said on Monday.

In the US, stocks mostly rebounded on Monday after a negative week. The Dow Jones Industrial Average snapped a five-day losing streak, gaining 0.8 per cent to close at 34,869.63, the broad-based S&P 500 rose 0.2 per cent to 4,468.73, but the tech-rich Nasdaq Composite Index retreated 0.1 per cent to 15,105.58.

Elsewhere in Asia, Tokyo stocks opened higher on Tuesday. The benchmark Nikkei 225 index was up 0.4 per cent at 30,574.55 in early trade, while the broader Topix index advanced 0.4 per cent to 2,105.79.