SINGAPORE: Singapore shares rise on Wednesday morning, Feb 7, following a global equities rally. The Straits Times Index (STI) climbed 0.9% or 27.78 points to reach 3,153.46 as of 9:01 am, The Business Times reports.
The market saw more gainers than losers, with 82 stocks in the green compared to 26 in the red. Trading activity was brisk, with 73.5 million securities valued at S$88.5 million changing hands.
Seatrium emerged as the most actively traded stock by volume, witnessing a 1% increase to S$0.097 after 33.7 million securities were traded.
Ley Choon, a construction and road work service provider, also saw considerable trading activity, experiencing a 5.4% uptick to S$0.039.
Banking stocks saw gains in early trading, with DBS advancing 1.6% to S$32.17, UOB gaining 0.8% to S$28.39, and OCBC rising 0.9% to S$12.89.
The positive momentum in Singapore followed Wall Street’s upward trend on Tuesday, driven by robust quarterly earnings reports, making it a rebound from Monday’s losses.
The Dow Jones Industrial Average closed up 0.4% at 38,521.36, while the S&P 500 rose 0.2% to 4,954.23.
The Nasdaq Composite Index also edged higher, increasing by 0.1% to 15,609.
European markets also saw gains on Tuesday, with strong earnings from oil and gas giant BP and higher crude prices boosting energy stocks.
The pan-European Stoxx 600 index closed 0.7% higher at 486.76, with the energy index leading the charge, up 2.1%, in line with the rise in crude oil prices. /TISG
Read related: STI down 0.2% — Singapore shares drop on Tuesday’s open