Singapore shares rose on Wednesday—STI increased by 0.7%

SINGAPORE: Singapore shares rose on Wednesday, Aug 14, following a strong overnight rally in US and European indices. The Straits Times Index (STI) increased by 0.7%, adding 21.58 points to reach 3,280.15 by 9.01 am, according to The Business Times.

In the broader market, 80 stocks were on the rise, while 38 experienced declines, with 42.5 million securities traded, totalling S$56.1 million in value.

Soilbuild Construction Group was the most actively traded stock by volume.

Its shares jumped by 11.5%, or S$0.009, to S$0.087, with 10.1 million shares changing hands. Genting Singapore also experienced a 1.9% increase in its share price, rising by S$0.015 to S$0.815, with 1.9 million shares exchanged.

Meanwhile, Yangzijiang Shipbuilding saw its shares dip by 2.9%, or S$0.08, to S$2.65, with three million shares traded. Singapore’s three major banks also opened on a strong note. DBS Group Holdings saw its shares rise by 1.1%, or S$0.38, to S$34.50.

United Overseas Bank (UOB) gained 0.8%, or S$0.24, bringing its share price to S$29.60. Oversea-Chinese Banking Corporation (OCBC) increased by 0.8%, or S$0.11, to S$13.94.

In the US, stocks went up on Tuesday after traders saw lower-than-expected inflation numbers, raising hopes for the Federal Reserve’s possible interest rate cut. The Dow Jones Industrial Average closed 1% higher at 39,765.64, while the S&P 500 rose 1.7% to 5,434.43.

The tech-focused Nasdaq Composite Index saw the most significant gains, surging 2.4% to close at 17,187.61.

In Europe, the main stock index reached its highest level in nearly two weeks on Tuesday, as rising hopes for a Fed interest rate cut in September outweighed the impact of weak earnings from companies like Swiss medtech firm Tecan.

The Stoxx 600 index rose by 0.5%, closing higher at 501.66. /TISG

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

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