Singapore stock market positive upswing on Tuesday’s open

SINGAPORE: The Singapore stock market experienced a positive upswing on Tuesday, Jun 9, benefitting from the overnight gains seen in global equity markets, The Business Times reports. The Straits Times Index (STI) led the charge, climbing 0.3% or 8.16 points to reach 3,195.18 by 9:01 am.

In a broader market overview, gainers outpaced losers with a ratio of 78 to 35. The trading floor witnessed a turnover of 31.3 million securities valued at S$43 million.

Seatrium emerged as one of the most actively traded counters, exhibiting a 0.9% increase or S$0.001 to reach S$0.113. The counter saw a substantial volume of 2.9 million shares changing hands.

Among other notable securities, NetLink NBN Trust witnessed a 0.6% rise or S$0.005, closing at S$0.86 with 1.8 million shares traded.

On the flip side, Rex International experienced a 1.6% dip, losing S$0.003 to settle at S$0.183, accompanied by 1.5 million shares changing hands.

Banking stocks displayed a mixed performance in the early morning trade. UOB gained 0.7%, or S$0.20, reaching S$28.60. OCBC advanced 0.5%, or S$0.06, to settle at S$12.86. Meanwhile, DBS registered a slight decline of 0.3%, or S$0.09, closing at S$32.76.

The positive momentum in Singapore’s stock market comes on the heels of Wall Street’s recovery on Monday. After a lacklustre start to the year, US stocks managed to claw back some gains.

The major indices, which had experienced weekly losses at the beginning of 2024, had previously enjoyed a two-month rally driven by easing inflationary pressures and expectations of interest rate cuts in the new year. /TISG