SINGAPORE: Singapore shares opened higher on Monday, Sept 2, as global markets ended the previous week in the green, driven by rising anticipation of a potential interest rate cut by the US Federal Reserve this September.
The Straits Times Index (STI) saw a modest increase of 3.73 points, or 0.1%, reaching 3,446.66 shortly after the market opened, according to The Business Times.
68 gainers outpaced 38 losers in the broader market after 44.9 million securities, valued at S$132.1 million, were traded in the morning session.
Singtel was the most actively traded stock by volume, with 17.6 million shares changing hands. Its shares slightly declined, dropping S$0.02, or 0.6%, to S$3.11. Other actively traded stocks included CapitaLand Investment and Genting Singapore.
CapitaLand Investment dropped by S$0.02, or 0.7%, to S$2.69, while Genting Singapore rose by S$0.005, or 0.6%, to S$0.81.
Singapore’s local banks performed well in early trading. DBS led the gains, rising S$0.13, or 0.4%, to S$36.49. UOB followed with an increase of S$0.08, or 0.3%, to S$31.47. OCBC also rose, gaining S$0.03, or 0.2%, to S$14.58.
On Wall Street, stocks closed higher on Friday as investors in the US were buoyed by fresh economic data, bolstering expectations for a modest rate cut by the Federal Reserve in September.
The S&P 500 rose 1%, closing at 5,648.4, while the Nasdaq Composite Index increased 1.1% to 17,713.62. The Dow Jones Industrial Average also saw gains, rising 0.6% to finish at 41,563.08.
European markets were not left behind, with shares edging to an all-time high on Friday following a notable decrease in eurozone inflation. The pan-European Stoxx 600 index managed to inch up by 0.1% to 525.05, briefly hitting an intraday record high of 526.66. /TISG
Read also: Singapore stocks rose on Friday—STI climbed 0.4%
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