SINGAPORE: Singapore stocks traded higher on Monday’s open, Jan 6, after global markets ended the holiday-shortened week with mixed results, as investors anticipated the new Donald Trump administration.
The Straits Times Index (STI) gained 0.5%, or 17.3 points to 3,819.13 at 9:01 am, The Business Times reported. In the broader market, 100 stocks gained while 38 fell, with 58.5 million securities valued at S$74.4 million traded.
GSS Energy, a precision engineering company, led in trading volume, though its shares dropped by 7.1% or S$0.001 to S$0.013, with 6.8 million shares traded.
Thai Beverage also saw a decline of 0.9% or S$0.005 to S$0.565. Meanwhile, Medtecs International, which produces protective gear, gained 5.8% or S$0.008 to S$0.146.
All three major banks showed gains at the open. UOB increased by 0.6% or S$0.22 to S$36.80. OCBC gained 0.8% or S$0.13 to S$16.70, while DBS climbed 0.6% or S$0.28 to S$43.90.
In the United States, Wall Street stocks rebounded on Friday, driven by expectations of more Federal Reserve rate cuts and relaxed easier regulatory policies under the new administration.
The Dow Jones Industrial Average increased 0.8% to 42,732.13, the S&P 500 gained 1.3% to 5,942.47, and the Nasdaq Composite rose 1.8% to 19,621.68.
European stocks ended lower on Friday, weighed down by losses in luxury goods and spirits stocks as investors focused on possible US policy changes and interest rate direction under Trump’s presidency. The pan-European Stoxx 600 Index fell by 0.5% to 508.19. /TISG
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