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Singapore stocks rose as trading began on Wednesday—STI gained 0.5%

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SINGAPORE: Singapore stocks rose as trading began on Wednesday (Feb 19), with the Straits Times Index (STI) gaining 0.5% or 17.67 points to 3,943.23 as the market opened at 9 am, The Business Times reported.

In the broader market, 54 stocks gained while 36 declined, with 22 million securities valued at S$73.9 million traded.

Mapletree Logistics Trust led in trading volume with 3.6 million units traded. It stayed flat at S$1.22. Thai Beverage increased by 1% or S$0.005 to S$0.51.

Meanwhile, Singtel advanced 1.5% or S$0.05 to S$3.38 after it reported a 183.4% rise in third-quarter net profit to S$1.3 billion, up from S$465 million a year earlier.

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Local banking stocks also rose at the open. DBS gained 0.4% or S$0.20 to S$46. OCBC rose 0.7%, up S$0.13 to S$17.89. UOB advanced 1.2%, increasing S$0.47 to S$39.12. UOB reported a net profit of S$1.52 billion for the fourth quarter, an 8.6% increase from S$1.4 billion in the same period last year.

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

On Wall Street, markets showed mixed results, with investors cautious as higher US Treasury bond yields raised doubts over potential interest rate cuts by the Federal Reserve.

The S&P 500 closed 0.2% higher to 6,129.58, slightly above its previous record. The Dow Jones Industrial Average was flat at 44,556.34, while the Nasdaq Composite Index inched up 0.1% to 20,041.26. 

European markets also saw gains, with shares hitting a record high on Tuesday’s close, led by banking and defence stocks. The pan-European Stoxx 600 Index gained 0.3% to a record 557.17 points. /TISG

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Read also: Singapore stocks saw little movement at Tuesday’s open

Featured image by Depositphotos

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