SINGAPORE: Singapore stocks opened higher on Friday (Nov 22), supported by better-than-expected GDP growth and an improved economic forecast for the year. This came even as the government lowered its expectations for exports.
The Straits Times Index (STI) gained 0.3%, or 11.46 points, to 3,750.68 at 9:01 am, The Business Times reported.
In the broader market, 72 stocks gained while 24 fell with 46.9 million securities valued at S$48.9 million traded.
Frasers Logistics & Commercial Trust led the trading volume at 9:03 am. Its shares dropped 1.6%, or S$0.015, to S$0.92, with 7.6 million units traded. Singtel shares also saw heavy trading, gaining 0.3%, or S$0.01, to S$3.07, following a near three-week low on Thursday
Banking stocks were mixed on Friday’s open. UOB rose 0.4%, or S$0.15, to S$36.30, while OCBC gained 0.3%, or S$0.05, to S$16.48. DBS dipped inched down 0.02%, or S$0.01, to S$42.55.
Wall Street closed higher on Thursday, with the Dow and S&P 500 reaching their best levels in a week.
The Dow Jones Industrial Average gained 1.1% to 43,870.35, helped by a 3.1% rise in Salesforce shares after three brokerages increased their price targets for the company. The S&P 500 also increased by 0.5% to 5,948.71, while the tech-heavy Nasdaq Composite Index inched up 0.03% to 18,972.42.
European stocks also closed higher on Thursday, breaking a four-day losing streak, driven by gains in technology and energy sectors. The pan-European Stoxx 600 rose 0.4%, closing at 502.54. /TISG
Read also: Singapore stocks edged higher at the open on Thursday—STI rose 0.1%
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