SINGAPORE: Singapore shares traded higher on Tuesday (Feb 11) morning, following gains in global markets despite concerns over US President Donald Trump raising tariffs on steel and aluminium. The Straits Times Index (STI) gained 0.3% or 11.69 points to 3,886.82 shortly after the market opened, The Business Times reported.
In the broader market, 72 stocks gained while 32 fell, with 50.1 million securities valued at S$75.1 million traded.
Addvalue Tech led in trading volume, staying flat at S$0.01 with 4.9 million shares traded. Rex International, an oil exploration and production firm, gained 3.9% or S$0.007 to S$0.186. Mapletree Industrial Trust retreated 2.4% or S$0.05 to S$2.08.
Banking stocks opened higher, with DBS leading the gains a day after hitting a record high of S$46.50 on strong earnings. Its shares rose 0.6% or S$0.29 to S$45.67. OCBC inched up 0.1% or S$0.02 to S$17.41, while UOB edged up 0.1% or S$0.04 to S$37.81.
On Wall Street, stocks closed higher on Monday, led by technology shares, as markets expected the 25% tariffs on steel and aluminium imports warned by US President Donald Trump. The Nasdaq Composite Index climbed 1% to 19,714.27. The Dow Jones Industrial Average rose 0.4% to 44,470.41, while the S&P 500 gained 0.7% to 6,066.44.
European shares also ended higher, with the pan-European Stoxx 600 Index rising 0.6% to a record 545.92. Energy stocks led the gains, but steel stocks dropped as markets weighed the effect of US import tariffs on steel and aluminium. /TISG
Read also: Singapore stocks opened higher on Monday — STI advanced 1.3%
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