Singapore stocks continued their upward trend on Wednesday—STI gained 0.3%

SINGAPORE: Singapore stocks continued their upward trend on Wednesday, July 10, following the previous day’s rally. The Straits Times Index (STI) gained 8.65 points, or 0.3%, reaching 3,434.74 at 9:01 am, The Business Times reports.

In the broader market, gainers outnumbered losers, with 58 stocks rising and 32 falling after 32.4 million securities valued at S$61.7 million were traded.

One of the day’s most heavily traded stocks by volume was Catalist-listed iX Biopharma. The pharmaceutical company saw its shares jump by S$0.007 or 24.1% to S$0.036, with 9.3 million securities traded.

Conversely, Yoma Strategic experienced a notable decline, with its shares falling by S$0.009 or 6.3%.

The Myanmar-focused company’s drop came after it clarified that no charges had been filed against its executive chairman, Sergei Pun, addressing recent media claims.

Singtel saw a modest gain of S$0.01 or 0.4%, trading at S$2.91 in the early hours.

Local banks had a mixed start. OCBC fell by S$0.04 or 0.3% to S$15.11, DBS climbed by S$0.33 or 0.9% to S$37.73, and UOB edged up by S$0.04 or 0.1% to S$32.91.

Looking at the global markets, US stocks showed mixed performance overnight. Two of the three major indices reached new highs, driven by Federal Reserve Chief Jerome Powell’s comments about modest progress in controlling inflation.

The S&P 500 increased by 0.1% to close at 5,576.98, while the Nasdaq Composite Index also gained 0.1% to end at 18,429.29, marking a record close for the sixth consecutive day.

However, the Dow Jones Industrial Average dipped slightly by 0.1% to 39,291.97.

In Europe, shares declined for the third consecutive session. The Stoxx 600 index recorded its largest daily percentage drop in nearly a month, falling by 0.9% to 511.76.

French stocks were particularly weak, influenced by ongoing political uncertainties. /TISG

Read also: Singapore stocks open higher on Tuesday—STI gained 0.5%

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