SINGAPORE: Singapore stocks opened higher on Thursday morning, tracking gains in global markets after news that US core inflation had slowed to its lowest rate in three years and retail sales were flat, raising hopes for possible rate cuts.
The Business Times reported that the Straits Times Index (STI) climbed by 0.5%, adding 17.18 points reaching 3,306.6 by 9:02 am.
In the broader market, there were more gainers than losers, with 102 stocks up and 39 down. A total of 75.2 million securities valued at S$88.1 million were traded.
Heavily traded stocks included Thai Beverage, Genting Singapore, and Mermaid Maritime.
Thai Beverage dropped by 1%, losing S$0.005 to S$0.495, with 8.5 million shares exchanged. Genting Singapore fell by 1.6%, down S$0.015 to S$0.91, with 8.1 million shares traded. Mermaid Maritime saw a more significant drop of 7.2%, losing S$0.011 to S$0.141, with 3.5 million shares changing hands.
Banking stocks performed well in early trading. DBS rose by 0.3% or S$0.12 to S$35.43. UOB increased by 0.3% or S$0.10 to S$30.05, and OCBC was up by 0.3% or S$0.04 to S$14.39.
In the US, indices hit new highs after data showed that consumer prices were rising more slowly, which renewed hopes for interest rate cuts.
The Dow Jones Industrial Average climbed by 0.9% to 39,908, nearing the 40,000-point milestone. The broad-based S&P 500 rose by 1.2% to 5,308.15, and the Nasdaq Composite Index increased by 1.4% to 16,742.39, setting a new record for the second day in a row.
European markets also closed at record highs, supported by strong corporate earnings and the softer-than-expected US inflation report. The pan-European Stoxx 600 index increased by 0.6% to 524.71. Notably, Germany’s DAX and France’s CAC 40 indices both closed at all-time highs. /TISG
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