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

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.

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.

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

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

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