Singapore stocks opened nearly unchanged on Tuesday’s open—STI slightly rose by 0.02%

SINGAPORE: Singapore stocks opened nearly unchanged on Tuesday, Oct 29, following positive movements in US and European markets the previous day.

The Straits Times Index (STI) slightly rose by 0.02% or 0.71 points, to 3,584.79 at 9:01 am, as reported by The Business Times.

There were more gainers than losers in the broader market, with 60 stocks up against 56 down. About 26.8 million shares, worth S$43.3 million, were traded.

SinoCloud Group led the trading volume. The IT services provider’s shares increased by 5.9%, adding S$0.001 to reach S$0.018 after 2.8 million shares were exchanged.

Other actively traded stocks included agri-food company Japfa, which climbed 13.9%, or S$0.05, to close at S$0.41, and Nanofilm, a nanotechnology company, whose shares rose by 4.9%, or S$0.04, bringing its price to S$0.865.

The banking sector also performed well at the open. DBS rose by 0.2%, or S$0.07, to S$39.15. OCBC Bank edged up by 0.1%, or S$0.01, to S$15.28. United Overseas Bank (UOB) saw a gain of 0.2%, or S$0.05, bringing its price to S$32.46.

In the US, Wall Street stocks rose on Monday as a busy week of earnings reports and economic data began, with markets also keeping an eye on the final stages of the US presidential campaign.

As markets focused on this week’s earnings reports from major tech companies like Apple, Amazon, and Meta, the Dow Jones Industrial Average climbed 0.7% to 42,387.57.

The S&P 500 increased by 0.3% to 5,823.52, while the tech-heavy Nasdaq Composite Index rose by 0.3%, reaching 18,567.19.

In Europe, the main stock index rose on Monday, as gains in most sectors offset the decline in energy stocks due to falling oil prices.

Investors are also anticipating important economic data and major US tech earnings to be released later this week.

The pan-European Stoxx 600 rose 0.4% to 520.95. /TISG

Read also: Singapore shares opened on a positive note on Monday—STI rose by 0.1%

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