Singapore shares rose on Monday—STI up by 0.3%

SINGAPORE: Singapore shares rose on Monday morning, mirroring the upward trend in global markets. The Business Times reported that the Straits Times Index (STI) started the day by 8.31 points or 0.3%, reaching 3,301.24 by 9:01 am.

In the broader market, gainers outnumbered losers with a tally of 94 to 57. Trading saw 51.6 million securities changing hands, amounting to about S$58.5 million.

Thai Beverage led the charge in terms of trading volume, remaining steady. It captured investors’ attention with a gain of 1%, reaching S$0.495 after 3.9 million securities were traded.

Other notable movers included Beng Kuang Marine, which maintained its position at S$0.178 after exchanging 3.5 million shares. Meanwhile, Seatrium experienced a slight dip of 1.1%, reaching S$0.091 after exchanging 3.5 million securities.

Banking stocks showcased a mixed performance during the early trading session. DBS saw a marginal decline of 0.1%, dropping to S$35.59, while OCBC registered a slight increase of 0.1%, climbing to S$14.30.

UOB, on the other hand, experienced a slight dip of 0.1%, reaching S$30.61.

On Wall Street, Friday witnessed a surge in stock prices, buoyed by the release of US economic data revealing a slowdown in hiring and a rise in unemployment figures.

This prompted speculation among investors that the Federal Reserve might consider cutting interest rates soon.

Notable indices recorded substantial gains, with the Nasdaq Composite Index surging by 2% to 16,156.33, the S&P 500 advancing by 1.3% to 5,127.79, and the Dow Jones Industrial Average climbing by 1.2% to 38,675.68.

Meanwhile, Friday’s trading session in Europe saw shares making positive strides, driven by a robust performance in the technology sector, which overshadowed weaknesses observed in banking stocks.

The pan-European Stoxx 600 index closed at 505.53, marking a 0.5% increase. /TISG

Read also: Singapore stocks rose on Friday—STI nudged up by 0.2%

Featured image by Depositphotos