SINGAPORE: Singapore shares inch up on Thursday morning, with the Straits Times Index (STI) barely budging, as gains in travel and hospitality-related sectors countered weaker performances from banking stocks.

The Business Times reports as of 9:02 am, the STI inched up by 0.03% or 0.98 points, reaching 3,252.69.

In the broader market, gainers slightly outnumbered losers, with 72 stocks on the rise compared to 38 in decline. The total trading volume stood at 35 million securities, valued at approximately S$63.3 million.

Among the actively traded counters, Singtel saw a dip of 0.4%, closing at S$2.53 with 4.6 million shares exchanged. Genting Singapore, on the other hand, witnessed a rise of 1.7%, reaching S$0.905, with 4.5 million shares traded. Meanwhile, Mapletree Logistics Trust maintained stability at S$1.46, with 1.8 million units changing hands.

However, banking stocks faced a downward trend during the early hours of trading. DBS slid by 0.4% to S$36.48, UOB slipped by 0.3% to S$29.60, and OCBC saw a decline of 0.2%, reaching S$13.71.

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Among the index counters, Singapore Airlines witnessed a gain of 0.9%, closing at S$6.47, while Sats climbed 1.2% to S$2.56.

There was a rebound in Wall Street stocks on Wednesday, with the S&P 500 hitting a record high of 5,248.49, marking a 0.9% increase. The Dow Jones Industrial Average also ended positively, rising by 1.2% to 39,760.08, while the Nasdaq Composite Index saw a modest gain of 0.5%, reaching 16,399.52.

European shares mirrored this upward trajectory, setting a fresh record on Wednesday, boosted by gains in defensive sectors.

Notably, fashion retailer H&M experienced its most robust trading day in nearly nine months, buoyed by optimistic quarterly results. Overall, the pan-European Stoxx 600 saw an increase of 0.1%. /TISG

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