SINGAPORE: Singapore shares opened stronger on Tuesday, following the overnight positive performances in European markets.
The Business Times reported that the Straits Times Index (STI) rose by 0.3%, adding 9.02 points to 3,327.47 as of 9:02 am.
In the broader market, the number of gainers outpaced losers, with 65 stocks advancing against 38 that declined. A total of 41.8 million securities valued at S$54.9 million were traded.
Seatrium was the most actively traded stock by volume, holding steady at S$1.72, with 4.8 million shares changing hands. Singtel saw a rise of 0.8% or S$0.02, bringing its price to S$2.45 with 3.8 million shares traded.
Yangzijiang Shipbuilding also performed well, rising by 2.1% or S$0.04 to reach S$1.97 with three million shares traded.
Banking stocks showed mixed results in the early hours. DBS saw a slight decline of 0.1% or S$0.04, bringing its price to S$35.81. In contrast, UOB gained 0.1% or S$0.03, reaching S$30.53, while OCBC increased by 0.2% or S$0.03 to S$14.47.
The positive start in Singapore followed a strong performance in Europe, where shares closed higher on Monday.
The pan-European Stoxx 600 index rose by 0.3%, nearing an all-time high. Investors were optimistic due to hints from the European Central Bank of upcoming interest rate cuts.
US markets were closed on Monday for Memorial Day. /TISG
Read also: Singapore stocks started the week on weaker note on Monday—STI fell by 0.1%
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