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

SINGAPORE: Singapore stocks rose as trading began on Wednesday, Nov 6, following gains seen in global markets overnight.

The Straits Times Index (STI) increased by 0.5%, adding 18.37 points to reach 3,599.98 by 9:01 am, as reported by The Business Times.

In the broader market, 77 stocks gained compared to 32 that declined after 30.5 million securities valued at S$58.9 million were traded.

MM2 Asia, a media entertainment and content company, led the trading volume. Its shares dropped 5.6%, or S$0.001, to S$0.017, with 2.8 million shares traded.

Meanwhile, Frasers Logistics and Commercial Trust rose by 0.9%, or S$0.01, to S$1.07. SingPost traded flat, holding steady at S$0.555.

Banking stocks showed mixed results as trading began. DBS saw a decline of 0.4%, or S$0.16, to S$38.93, while OCBC climbed by 0.5%, or S$0.07, to S$15.18. UOB gained 1.4%, or S$0.45, to reach S$32.58.

On Wall Street, US stocks rebounded on Tuesday after Monday’s losses as voters cast their ballots in the US presidential election.

The Dow Jones Industrial Average rose by 1% to close at 42,221.88. The S&P 500 increased by 1.2%, finishing at 5,782.76, while the tech-heavy Nasdaq Composite Index advanced 1.4% to close at 18,439.17.

European markets followed a similar trend on Tuesday as investors closely watched the US presidential election. Boosted by gains in industrial stocks, the pan-European Stoxx 600 Index inched up 0.1% to 509.53. /TISG

Read also: Singapore stocks fell on Tuesday’s open—STI dropped 0.3%

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