Singapore stocks rise at Tuesday's open; STI up 0.2%

SINGAPORE shares opened higher on Tuesday, even as US markets were closed for a holiday. The Straits Times Index (STI) gained 0.2 per cent or 7.42 points to 3,171.70 as at 9.01am.

Gainers outnumbered losers 84 to 38, with 36.7 million securities worth S$26.3 million changing hands.

AMOS Group was the most actively traded counter by volume with 6.4 million shares worth S$120,000 traded within the first minute of market open. Its shares were at 2.1 Singapore cents, up 0.4 cent or 23.5 per cent. This follows the group's announcement of its rights issue results on Monday. As at the close of the rights issue on May 25, it was oversubscribed.

Addvalue Technologies also saw brisk trading, with 2.1 million shares worth S$40,000 changing hands. The counter gained 4.8 per cent or 0.1 Singapore cent to 2.2 cents. On Monday morning, the mainboard-listed firm announced 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.

Index stock Singtel was also actively traded, with 1.6 million shares worth S$3.9 million traded as at 9.01am. The counter gained 0.8 per cent or S$0.02 to S$2.43.

The trio of local banks were higher in early trade. UOB was up 0.2 per cent or S$0.06 at S$26.13, OCBC advanced 0.6 per cent or S$0.07 to S$12.43, while DBS rose 0.2 per cent or S$0.07 to S$30.10 as at 9.01am.

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US markets were closed on Monday for the Memorial Day public holiday.

Meanwhile, European stocks on Monday retreated from Friday's record highs, with the pan-European Stoxx 600 dropping 0.5 per cent. Trading was subdued due to holidays in major US and UK markets, but optimism over a swift economic recovery helped the index mark its fourth straight month of gains.

Elsewhere in Asia, Tokyo stocks opened higher on Tuesday. The benchmark Nikkei 225 index rose 0.7 per cent or 204.17 points to 29,064.25 in early trade, while the broader Topix index added 0.5 per cent or 9.92 points to 1,932.90.