SINGAPORE: Singapore shares opened higher on Wednesday morning, following the global trend of market upticks driven by corporate earnings releases and eased tensions in the Middle East.
The Business Times reports that, as of 9:02 am, the Straits Times Index (STI) climbed 11.38 points or 0.4% to 3,284.10. Market activity showed more gainers, with 95 stocks advancing compared to 27 decliners. Trading volume stood at 74.9 million securities valued at S$122 million.
Thai Beverage is the most traded stock by volume, holding steady at S$0.48 after 8.5 million securities changed hands. Singtel maintained its price at S$2.38 after 7.8 million shares changed hands.
Similarly, Seatrium stayed put at S$0.083 with 6.4 million securities traded.
Banking stocks displayed a mixed performance in early trading hours. DBS dipped 0.3% or S$0.09 to S$34.53, while OCBC increased 1% or S$0.14 to S$14.16. UOB saw a slight increase of 0.5% or S$0.15 to reach S$31.24.
The positive sentiment in Singapore mirrored the rally on Wall Street, where stocks surged on Tuesday amid encouraging corporate financial reports.
The Nasdaq Composite Index rose 1.6% to 15,696.64, with the S&P 500 climbing 1.2% to 5,070.55. The Dow Jones Industrial Average closed 0.7% higher at 38,503.69.
European markets also enjoyed gains, hitting a one-week high on Tuesday. Strong corporate updates from the retail and technology sectors propelled the pan-European Stoxx 600 up by 1.1% to close at 507.79. /TISG
Read also: Singapore stocks rose on Tuesday amid easing Middle East tensions—STI surged by 1%
Featured image by Depositphotos