Singapore shares opened on a positive note on Monday—STI climbed by 0.3%

SINGAPORE: Singapore shares opened on a positive note on Monday, June 3, buoyed by robust performances in the US stock market.

The Business Times reported that the Straits Times Index (STI) climbed by 0.3%, or 9.7 points, to reach 3,346.29 by 9:01 am.

In the broader market, there were more gainers than losers, with 85 stocks rising and 38 falling. In early trading, 189.5 million securities worth S$368.3 million changed hands.

Mapletree Logistics Trust was the most actively traded stock by volume, with 61.9 million units changing hands. The stock rose 2.3%, or S$0.03, to S$1.36. Seatrium shares increased by 2.3%, or S$0.04, to S$1.80.

City Developments Limited moved up by 0.9%, or S$0.05, to S$5.66.

Local banks showed mixed performance. United Overseas Bank inched up by 0.03%, or S$0.01, to S$30.80. DBS gained 0.3%, or S$0.09, reaching S$36.08.

On the other hand, the Oversea-Chinese Banking Corporation remained steady at S$14.51.

The positive start in Singapore’s market was influenced by strong gains in the US market, where all three major indexes posted significant rises on Friday.

The Dow Jones Industrial Average rose 1.5%, closing at 38,686.32, driven by a late-session rally due to month-end positioning.

The S&P 500 increased 0.8%, ending at 5,277.51, while the Nasdaq Composite saw a slight decrease of 0.01%, closing at 16,735.02.

In Europe, stock markets also saw gains after US inflation data suggested the possibility of interest rate cuts by the Federal Reserve.

The pan-European Stoxx 600 index increased by 0.3%, reaching 518.17.

Despite this rise, the index recorded a second consecutive week of declines due to rising eurozone bond yields, reflecting concerns over potential sustained high interest rates. /TISG

Read also: Straits Times Index is likely to climb up from June to early September

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