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

SINGAPORE shares rose in early trade on Tuesday (Jan 11) even as US stocks finished mostly lower on ongoing worries over shifting Federal Reserve policy.

The Straits Times Index (STI) rose 0.3 per cent or 9.56 points to 3,236.61 as at 9.02 am.

Gainers outnumbered losers 64 to 61, after 60.9 million securities worth S$133.2 million changed hands.

The most active counter by volume was index counter Singtel Z74 : Z74 0%, which was up 3.4 per cent or S$0.08 at S$2.41, after 10.9 million shares were traded.

Fellow index counter Mapletree Commercial Trust N2IU : N2IU 0% was also actively traded at the open, down 0.6 per cent or 1 cent at S$1.82, with 4.9 million units changing hands.

Another heavily traded stock was casino operator Genting Singapore G13 : G13 0%, which saw about 3.7 million shares traded. The counter opened lower at S$0.76, down 1.3 per cent or S$0.01.

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The trio of local banks were mixed at the open.

As at 9.02 am, DBS D05 ticked up S$0.34 or 1 per cent to S$35.41, while UOB U11 gained S$0.05 or 0.2 per cent to trade at S$29.21. OCBC O39 fe : O39 0%ll $0.04 or 0.3 per cent to S$12.06.

Over on Wall Street, US stocks finished mostly lower on Monday (Jan 10) following a volatile session as markets assess shifting US monetary policy in response to spiking inflation.

The tech-rich Nasdaq Composite Index, which had fallen almost 400 points at session lows, eked out a 0.1 per cent gain at 14,942.83. The Dow Jones Industrial Average dropped 0.5 per cent to 36,068.87, while the broad-based S&P 500 dipped 0.1 per cent to 4,670.19.

Meanwhile, European stocks posted their biggest 1-day drop since late November on Monday as rising bond yields weighed on the heavyweight technology sector.

The pan-European Stoxx 600 closed 1.5 per cent lower at 479.04, with technology stocks tumbling 3.6 per cent to a near 3-month low.

Elsewhere in Asia, Tokyo stocks opened lower on Tuesday in cautious trade after Wall Street shares ended mostly down.

The benchmark Nikkei 225 index dropped 0.3 per cent or 97.76 points at 28,380.80 in early trade, while the broader Topix index fell 0.05 per cent or 1.09 points to 1,994.59.