SINGAPORE: Singapore stocks traded higher on Tuesday morning, Feb 4, after US President Donald Trump decided to delay the start of tariffs on Mexico and Canada for a month. This news lifted investor sentiment, pushing the Straits Times Index (STI) up by 0.6% or 23.27 points to 3,849.74, as reported by The Business Times.
In the broader market, 87 stocks rose while 41 fell, with 32.2 million securities valued at S$71.2 million traded.
China Kunda Technology, which makes plastic injection parts, led in trading volume. The stock fell 5.9% or S$0.001 to S$0.016 after 1.7 million shares were traded. Meanwhile, Singtel rose 1.6% or S$0.05 to S$3.27. Yangzijiang Shipbuilding also gained 1.3% or S$0.04 to S$3.07.
Local banks also performed well at the open. DBS rose 1.3% or S$0.59 to S$44.90. UOB gained 0.8% or S$0.30 to S$37.62, and OCBC increased by 0.9% or S$0.15 to S$17.41.
In the US, Wall Street stocks closed lower on Monday after US President Trump announced tariffs on Canada, China, and Mexico. The Dow Jones Industrial Average dropped 0.3% to 44,421.91, the S&P 500 declined 0.8% to 5,994.57, and the Nasdaq Composite Index retreated by 1.2% to 19,391.96.
European shares also fell as automakers declined and investors worried that US President Trump’s new tariffs could lead to a wider trade war. The pan-European Stoxx 600 index retreated 0.9% to 534.85. /TISG
Read also: Singapore stocks slipped on Monday after Trump’s tariff move—STI dropped 1.5%
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