Singapore stocks edge higher on Friday—STI up by 0.2%

SINGAPORE: Singapore stocks edge higher on Friday amid anticipation of US payrolls data and European Central Bank (ECB) rate cuts.

The Straits Times Index (STI) opened 0.2%, or 5.41 points, higher at 3,336.22 by 9:01am. In a broad market view, the number of gainers surpassed the number of losers, with 47 stocks rising compared to 28 that fell. A total of 27.7 million securities had been traded, valued at S$48.3 million, according to The Business Times.

Jasper Investments was the most actively traded stock by volume, with 11.9 million shares changing hands. It also opened with a significant leap, up 50% or S$0.002, landing at S$0.006.

Singtel shares experienced a slight dip of 0.4% or S$0.01, bringing the price to S$2.52. In contrast, Thai Beverage slipped 1% or S$0.005 to S$0.505.

Banking stocks also opened stronger. DBS saw an increase of 0.4% or S$0.15, with its shares trading at S$35.65. OCBC nudged up 0.1% or S$0.02 to S$14.32, and UOB also gained 0.1% or S$0.04, reaching S$30.81.

The US market was mixed the previous day as US investors await a key labour market report. The S&P 500 slightly decreased by 0.02% to 5,352.96, and the Nasdaq edged down 0.1% to 17,173.12. Meanwhile, the Dow Jones Industrial Average managed to rise by 0.2%, closing at 38,886.17.

European shares closed higher following the ECB’s decision to cut lending rates for the first time since 2019. However, the bank left the market uncertain about the timing of future rate changes. The pan-European Stoxx 600 index ended the session up 0.7% at 524.68. /TISG

Read also: Singapore shares started strong on Thursday—STI rose 0.3%

Featured image by Depositphotos