Singapore stocks open higher on Tuesday—STI climbed by 0.5%

SINGAPORE: Singapore stocks opened higher on Tuesday, July 23, following gains in overseas markets after a rocky end last week.

The Straits Times Index (STI) climbed by 0.5%, or 18.12 points, reaching 3,455.38 as of 9:03 am, as reported by The Business Times. 

In the broader market, 87 gainers outpaced 39 losers after 47.5 million securities worth S$60.5 million were traded.

Thai Beverage was the most actively traded stock, which saw a 1% increase, adding S$0.005 to reach S$0.50, with 9.4 million shares traded.

Seatrium also performed well, gaining 2.1% or S$0.03 to trade at S$1.48, with 3.9 million shares changing hands.

On Tuesday, Seatrium announced securing S$180 million in new contracts to repair and upgrade various types of vessels, including offshore vessels, ferries, and tankers.

Prime US Real Estate Investment Trust rose by 4.3%, or US$0.008, to reach US$0.194, with 2.8 million units traded.

The banking sector also saw gains in early trading. DBS Group Holdings traded 0.9% higher, adding S$0.32 to reach S$36.52. United Overseas Bank (UOB) rose by 0.7%, or S$0.24, to S$32.81.

Oversea-Chinese Banking Corporation (OCBC) increased by 0.5%, adding S$0.07 to reach S$15.12.

In the US, shares closed higher on Monday. A rebound in semiconductor stocks primarily drove gains. The Dow Jones Industrial Average closed with a 0.3% rise, reaching 40,415.44.

The S&P 500 also rose by 1.1%, closing at 5,564.41, while the Nasdaq Composite Index increased by 1.6%, ending at 18,007.57.

In Europe, the pan-European Stoxx 600 ended Monday with a 0.9% gain, closing at 514.79. The technology and financial sectors led the recovery, breaking a five-day losing streak. /TISG

Read also: Singapore stocks opened muted on Monday—STI dipped slightly by 0.02%

Featured image by Depositphotos