Singapore stocks open higher on Tuesday as Q2 GDP growth remains steady—STI rose 0.4%

SINGAPORE: Singapore stocks opened higher on Tuesday, Aug 13, lifted by the latest economic data, which remained steady in the second quarter.

The city-state’s gross domestic product (GDP) came in at 2.9% from April to June, which is in line with July’s estimates and close to the 3% growth seen in the first quarter. 

The Straits Times Index (STI) rose 12.2 points, or 0.4%, to 3,247.58 by 9:01 am, as reported by The Business Times. In the broader market, 80 stocks advanced while 35 declined after 60.6 million securities worth S$86.7 million were traded.

Oil and gas-related stocks were among the top performers. Rex International Holdings saw a significant increase in trading, with 4.1 million shares exchanged. Its share price rose by S$0.007, or 7.5%, to S$0.101. RH Petrogas also went up by S$0.014, or 10.9%, to S$0.142.

Yangzijiang Shipbuilding Holdings also jumped S$0.18, or 7.6%, to S$2.56. The shipbuilder’s performance follows its announcement of a net profit of 3.1 billion yuan (S$553.7 million) for the first half of the year, ending June 30.

Banking stocks showed strong performance in the morning session, with all three banks recording gains. DBS Bank edged up by S$0.07, or 0.2%, to S$34.05.

United Overseas Bank (UOB) rose S$0.10, or 0.3%, to S$29.39. Oversea-Chinese Banking Corporation (OCBC) was up S$0.05, or 0.4%, trading at S$13.88.

In the United States, stocks closed Monday’s session mixed as investors awaited key inflation data. The Dow Jones Industrial Average dipped by 0.4%, ending at 39,357.01.

The S&P 500 remained largely unchanged at 5,344.39, while the Nasdaq Composite Index managed a gain of 0.2%, closing at 16,780.61.

In Europe, markets were subdued amid ongoing recession concerns and a wave of economic data from across the region. The Stoxx 600 index ended the day almost unchanged at 499.08. /TISG

Read also: Singapore stocks fell on Monday’s open—STI dropped 0.3%

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