Singapore stocks kicked off on Tuesday—STI up by 0.2%

SINGAPORE: Singapore stocks kicked off on Tuesday morning with a slight boost, following a positive trend in Wall Street and Europe overnight. Potential rate cuts from central banks drove this trend.

In the US, stocks did well throughout the day due to Friday’s jobs report showing slower-than-expected job growth, pushing them into positive territory.

The Business Times reported that the Straits Times Index went up by 0.2%, or 5.94 points, to 3,309.13 by 9:01 a.m.

More stocks were gaining than losing in the broader market, with 55 gainers for every 36 losers, after 21 million securities valued at S$37.6 million changed hands.

The most traded stock was Singtel, which went up by 0.4% to S$2.39 with 4.1 million shares changing hands.

Other popular stocks included CapitaLand Integrated Commercial Trust, which increased by 0.5% to S$1.94 after trading 1.5 million units, and Frasers Logistics & Commercial Trust, which stayed steady at S$1.01 after trading 1.9 million units.

However, Frasers Logistics & Commercial Trust saw a slight drop in its distribution per unit for the first half of the fiscal year, down by 1.1% to S$0.0348. This was due to higher vacancies and expenses, even though its overall income increased.

Banking stocks were doing well in the morning trade. DBS was up by 0.3% to S$35.93, UOB increased by 0.5% to S$30.71, and OCBC went up by 0.1% to S$14.29.

Other stocks, such as Mapletree Logistics Trust, fell 2.2% to S$1.36, while Venture Corporation dropped 4.2% to S$13.65.

In the US, the Dow Jones Industrial Average closed 0.5% higher at 38,852.27, the S&P 500 went up by 1% to 5,180.74, and the Nasdaq Composite Index increased by 1.2% to 16,349.25.

In Europe, the overall stock index went up by 0.5%, thanks to insurance stocks. However, UK stocks were closed for a public holiday. /TISG

Read also: Singapore shares rose on Monday—STI up by 0.3%

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