Singapore stocks rose on Friday—STI climbed 0.4%

SINGAPORE: Singapore stocks rose on Friday, Aug 30, buoyed by mixed performances in the US and gains in Europe.

The Straits Times Index (STI) climbed 13.54 points, or 0.4%, reaching 3,418.01 by 9:03 am, as reported by The Business Times.

In the broader market, 77 stocks gained, outnumbering the 37 that declined, after 55 million securities valued at S$89.2 million were traded.

Singtel was the most actively traded stock by volume, rising 1.7%, or S$0.05, to S$3.07, with 10.1 million shares changing hands. V2Y Corp also saw significant activity, with its shares climbing 18.2%, or S$0.004, to S$0.026, as 2.4 million shares were traded. On the downside, Aspen experienced a drop of 8.9%, or S$0.004, to S$0.041, with one million shares exchanged.

Singapore’s three major banks all posted gains. DBS gained 0.5%, or S$0.17, to S$35.98, while UOB climbed 0.4%, or S$0.11, to S$31.16. OCBC slightly rose 0.1%, or S$0.01, to S$14.44.

On Thursday, Wall Street delivered mixed results, with the Dow setting a new record, driven by economic data that revealed stronger-than-expected second-quarter GDP growth. The Dow Jones Industrial Average rose by 0.6% to close at a record high of 41,335.05. In contrast, the S&P 500 remained almost flat, closing at 5,591.96, while the Nasdaq Composite Index dropped by 0.2% to 17,516.43.

In Europe, markets ended on a more positive note, with Germany’s DAX hitting a record high, fuelled by gains in tech stocks. Softer inflation data boosted expectations for possible interest rate cuts, helping to offset some of the disappointment from Nvidia’s quarterly results. The pan-European Stoxx 600 index rose by 0.8% to 524.57, narrowly missing a new record close. /TISG

Read also: Singapore shares fell on Thursday—STI dropped 0.1%

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