SINGAPORE: Singapore stocks opened with steady gains on Thursday, July 11, mirroring the strong gains seen in global markets overnight.
The Straits Times Index (STI) rose by 18.97 points, or 0.6%, reaching 3,337.15 by 9:01 am, The Business Times reports.
The broader market also showed a positive trend, with 74 gainers outnumbering 24 losers, after 49.3 million securities worth S$63.2 million were traded in the early hours.
Among the most actively traded stock by volume was Yoma Strategic Holdings. Its shares climbed by S$0.002 or 1.9% to S$0.105, with 9.3 million securities changing hands.
Insurtech firm V2Y Holdings also attracted significant attention. After requesting a trading halt on Monday, the company resumed trading in large volumes following the announcement of its proposed S$2 million placement. V2Y shares jumped by S$0.003 or 20% to S$0.018, reflecting strong investor confidence in the company’s future prospects.
LifeBrandz, a food and beverage group, saw brisk trading activity as well. Despite the high volume of transactions, its share price remained flat at S$0.003.
The local banking sector also opened higher. DBS Group Holdings advanced by S$0.30 or 0.8% to S$38.45. United Overseas Bank (UOB) increased by S$0.12 or 0.4% to S$33.22, and Oversea-Chinese Banking Corporation (OCBC) climbed by S$0.08 or 0.5% to S$15.31.
On Wednesday, Wall Street saw major indices reach fresh records amid growing expectations for upcoming interest rate cuts. The S&P 500 increased by 1% to 5,633.91, marking its sixth consecutive record high. The tech-heavy Nasdaq Composite Index climbed by 1.2%, ending at its seventh straight record at 18,647.45. The Dow Jones Industrial Average also rose 1.1% higher to close at 39,721.36.
European markets followed suit, with broad-based gains observed across the continent as investors closely monitored comments from US Federal Reserve Chair Jerome Powell during his second day of testimony. The pan-European Stoxx 600 index rose by 0.9% to 516.42, buoyed by strong performances in the real estate sector. /TISG
Read also: Singapore stocks continued their upward trend on Wednesday—STI gained 0.3%
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