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

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.

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.

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%

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