Singapore shares rise on Thursday morning — STI climbed 0.3%

SINGAPORE: Singapore shares rose on Thursday morning following the announcement of Singapore’s 2023 GDP growth at 1.1%, which was slightly lower than initial estimates, The Business Times reports.

The Straits Times Index (STI) climbed 0.3% or 8.28 points to 3,147.35 by 9:02 am. Among the broader market, gainers outpaced losers with a count of 70 to 43, with 48.7 million securities valued at S$46.7 million changing hands.

Thai Beverage was the most actively traded counter by volume, slipping 1% or S$0.005 to S$0.49 after 8.5 million securities were traded.

Other notable companies with brisk trading included Seatrium, with a volume of about five million, and MarcoPolo Marine, which saw 3.2 million shares changing hands.

Banking stocks were on the rise in early trading. DBS edged up 0.3% or S$0.09 to S$32.66. OCBC gained 0.3% or S$0.04 to S$12.99, while UOB saw a 0.3% increase or S$0.08 to S$28.40.

Meanwhile, on Wall Street, shares bounced back on Wednesday after a dip caused by inflation data in the previous session. The Dow Jones Industrial Average closed up 0.4% at 38,424.27. The S&P 500 rose 1% to 5,000.62, and the Nasdaq Composite Index surged 1.3% to 15,859.15.

In Europe, shares made a recovery on Wednesday following the release of the United Kingdom’s “softer-than-expected” inflation report, which boosted expectations by the Bank of England’s interest rate cuts. The pan-European Stoxx 600 ended at 485.24, marking a 0.5% increase after a 1% drop in the previous session. /TISG

Read also: Singapore shares started on downward trajectory on Wednesday’s open; STI down 1.2%