Singapore stocks open higher on Friday—STI climbed by 1%

SINGAPORE: Singapore stocks open higher on Friday, Aug 16, after non-domestic exports exceeded expectations. July’s exports saw a surprising 15.7% increase, boosting market confidence.

The Straits Times Index (STI) climbed 31.72 points or 1% to 3,347.45 by 9:01am, as reported by The Business Times.

In the broader market, 102 gainers outpaced 41 losers, after 50.6 million securities valued at S$84.6 million changed hands.

Genting Singapore was among the most traded stocks, which saw 9.8 million shares exchanged. Despite the heavy activity, Genting’s shares slipped slightly, down by S$0.005, or 0.6%, to S$0.825. On the other hand, Thai Beverage’s shares rose by S$0.005, or 1.1%, to S$0.48. Meanwhile, Singtel dropped by S$0.05, or 1.7%, to S$2.97.

Banking stocks all showed gains on Friday’s open. DBS rose S$0.85, or 2.5%, to S$35.61. UOB gained S$0.35, or 1.2%, to reach S$30.38, while OCBC was up by S$0.14, or 1%, to S$14.16.

On Wall Street, markets closed higher on Thursday, with all three major indices rising due to positive consumer data. The Dow Jones Industrial Average climbed by 1.4% to 40,563.06. The S&P 500 followed suit, gaining 1.6% to 5,543.22, while the Nasdaq Composite Index surged by 2.3% to 17,594.5.

In Europe, stronger US retail sales data boosted interest in technology and bank stocks. The pan-European Stoxx 600 rose by 1.2%, closing at 509.88, reversing losses sustained during the global market turbulence earlier in August. /TISG

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

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