Singapore stocks open higher on Friday morning following latest GDP data—STI rose by 0.5%

SINGAPORE: Singapore stocks open higher on Friday morning, July 12, reflecting positive sentiment from the latest economic data. The Ministry of Trade and Industry reported a 2.9% year-on-year GDP increase, close to the revised 3% growth seen in the first quarter, according to advance estimates.

The Straits Times Index (STI) opened 0.5% higher, adding 17.89 points to reach 3,492.95 at 9:01 am, The Business Times reports.

In the broader market, gainers outnumbered losers, with 83 stocks advancing and 35 declining. A total of 70.2 million securities worth S$109.9 million were traded.

One of the most actively traded stocks was CapitaLand Integrated Commercial Trust, which saw a 1.5% rise, adding S$0.03 to its price to settle at S$2.07, after seven million were exchanged.

Yoma Strategic also saw significant activity, jumping 6.5%, or S$0.007, to S$0.115. Meanwhile, units of Mapletree Logistics Trust climbed by 1.5%, or S$0.02, to S$1.34.

Banking stocks showed mixed results at the opening. DBS dipped slightly by 0.3%, losing S$0.11 to trade at S$38.27. In contrast, UOB rose by 0.5%, or S$0.17, to reach S$33.13, and OCBC increased by 0.9%, or S$0.13, to S$15.33.

On Wall Street, stocks finished mixed on Thursday as yield on US Treasury bonds declined further amid growing expectations of interest rate cuts.

The Dow Jones Industrial Average ticked up by 0.1% to close at 39,753.75. However, the S&P 500 fell by 0.9% to 5,584.54, and the Nasdaq Composite dropped 2% to 18,283.41.

Meanwhile, European shares closed higher, driven by softer-than-expected US inflation data. The Europe-wide Stoxx 600 index increased by 0.6%, ending at 519.51. /TISG

Read also: Singapore stocks opened with steady gains on Thursday—STI rose by 0.6%

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