Singapore stocks rose as trading began on Tuesday—STI gained 0.9%

SINGAPORE: Singapore stocks rose as trading began on Tuesday, Dec 3, following a positive lead from Wall Street that lifted markets across Asia. The Straits Times Index (STI) gained 0.9%, or 32.92 points, to 3,784.27 by 9:01 am, as reported by The Business Times.

In the broader market, 116 stocks gained while 34 fell, with 63.2 million shares valued at S$155.4 million traded.

Yangzijiang Shipbuilding led the trading volume, with 11.7 million shares exchanged. The company’s stock climbed 7.4%, or S$0.18, to S$2.61 after announcing it had secured US$2.6 billion in new shipbuilding contracts.

This brought its total order wins for the year to US$14.3 billion, far exceeding its US$4.5 billion target for the 2024 financial year.

Seatrium also saw active trading, with its shares rising 1%, or S$0.02, to S$1.97.

Singapore’s three major banks also recorded gains as trading began. DBS rose nearly 1%, or S$0.41, to S$42.96. OCBC gained 0.7%, or S$0.11, to S$16.31, and UOB increased 1.2%, or S$0.45, to S$36.85.

US stocks had a strong start to December, with the Nasdaq and S&P 500 reaching record highs. The tech-heavy Nasdaq Composite Index gained 1% to 19,403.95, while the S&P 500 rose 0.2% to close at 6,047.15.

Meanwhile, the Dow Jones Industrial Average fell 0.3% to 44,782, making it the only major index to drop.

The pan-European Stoxx 600 index also climbed 0.7% to 513.61 points, reaching its highest level in nearly a month. Germany’s DAX hit a record high, supported by expectations that the euro’s 0.8% drop would benefit exporters. /TISG

Read also: Singapore stocks started December on a positive note on Monday—STI rose 0.7%

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