Singapore shares kicked off on Wednesday—STI gained 0.5%

SINGAPORE: Singapore shares kicked off on Wednesday morning, riding on the wave of unexpectedly robust growth in the city-state’s factory output for February.

According to data released by the Economic Development Board on Tuesday, Singapore’s factory output expanded by 3.8% in February, exceeding predictions by private-sector economists who had forecast a 0.5% growth.

The Business Times reports that as of 9:01 am, the Straits Times Index (STI) showed a gain of 15.37 points, marking a 0.5% rise to 3,248.70.

Market dynamics appeared favourable, with gainers outnumbering losers 73 to 37 and a total of 34.8 million securities changing hands, valued at S$50.4 million.

Among the actively traded counters, Seatrium took the spotlight, witnessing a surge of 1.2% or S$0.001 to hit S$0.082, with a transaction volume of five million securities.

Global Invacom also saw brisk activity, climbing by 3.7% or S$0.002 to reach S$0.056. Meanwhile, Thai Beverage maintained stability, holding firm at S$0.485.

Banking stocks showcased a positive trend in early trade, with DBS climbing by 0.8% or S$0.30 to S$36.38, OCBC rising by 0.5% or S$0.07 to S$13.77, and UOB advancing by 0.5% or S$0.15 to S$29.40.

Overseas, the US stock market witnessed a slight downturn on Tuesday, triggered by dull consumer data released by The Conference Board, indicating a dip in US consumer confidence for March.

The Dow Jones Industrial Average slipped by 0.1% to 39,282.33, while the S&P 500 dipped by 0.3% to 5,203.58. Similarly, the Nasdaq Composite Index saw a 0.4% decline, falling to 16,315.70.

However, a different story unfolded in Europe as shares soared to a record high on Tuesday.

The bullish sentiment was propelled by hints of potential rate cuts later in the year by central bankers and an upsurge in technology stocks buoyed by the excitement surrounding artificial intelligence.

The pan-European Stoxx 600 index closed 0.2% higher at 511.09. /TISG

Read also: Singapore stocks opened with minimal movement on Tuesday—STI up 0.04%

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