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Singapore shares started strong this Friday—STI increased by 0.5%

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SINGAPORE: Singapore shares started strong this Friday, riding the wave of optimism sweeping through global markets.

The Business Times reports that The Straits Times Index (STI) saw a 0.5% increase, equivalent to 14.53 points, reaching 3,148.31 by 9:02 am.

In the broader market scene, it was a party for the gainers, outnumbering the losers by a significant margin of 94 to 27. A total of 61.4 million securities, valued at S$76.2 million, changed hands in the early hours of trading.

Seatrium took the spotlight as the most active player in terms of volume, holding its ground at S$0.09 with 8.5 million shares exchanged. Singtel also had its moment, showing a sturdy 1.3% rise to S$2.40, with 6.3 million shares traded. Meanwhile, Prime US Reit stole some limelight with a notable 5.3% surge to US$0.119 and 2.9 million shares changing hands.

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Banking stocks didn’t shy away from the action either, with DBS ticking up by 0.3% or S$0.10 to S$33.88. UOB followed suit, edging up 0.2% or S$0.06 to S$28.36. OCBC joined the rally with a modest 0.1% gain, adding S$0.01 to reach S$13.09.

The bullish sentiment was further fuelled by positive movements in the US and European markets.

US indices closed on a positive note on Thursday, with the S&P 500 reaching a new record of 5,157.36, up by 1.0%. The Nasdaq, dominated by tech stocks, surged by 1.5% to hit 16,273.38, while the Dow Jones Industrial Average closed 0.3% higher at 38,791.35.

Federal Reserve chair Jerome Powell’s reassuring remarks hinted at a possible rate cut, boosting investor confidence in the economy’s trajectory.

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In Europe, the European Central Bank opted to keep rates unchanged amid signs of easing inflation. This decision, coupled with indications of a resilient tech sector, propelled the pan-European Stoxx 600 to an all-time high, climbing by 1.1%.

The technology segment, sensitive to interest rate fluctuations, particularly shone, increasing by 2.3% to levels not seen since December 2000. /TISG

Read also: Singapore shares rise on Thursday—STI gained 0.1%

Featured image by Depositphotos

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