SINGAPORE: Singapore stocks rose on Thursday’s open (Oct 24), despite global market declines overnight.
The Straits Times Index (STI) gained 0.3%, or 10.38 points, to 3,611.16 at 9:01 am, as reported by The Business Times.
The broader market saw 53 losers and 37 gainers, with 50.1 million securities worth S$71.9 million traded.
Genting Singapore, a resort and casino operator, led the trading volume. It fell 0.6%, or S$0.005, to S$0.83, with 7.2 million shares traded. Other actively traded stocks were oil-and-gas contractor Dyna-Mac, which remained flat at S$0.665, and precision engineering firm GSS Energy, which saw a significant drop of 13.8%, or S$0.004, to S$0.025.
Banking stocks also performed well at Thursday’s open. DBS rose 0.7%, or S$0.27, to S$39.45, while OCBC gained 0.3%, or S$0.05, to S$15.42. UOB also increased 0.1%, or S$0.02, to S$32.32.
In contrast, Wall Street experienced losses on Wednesday. Concerns over the US Federal Reserve’s policies pushed Treasury yields higher, hitting large companies like McDonald’s and Coca-Cola. The Dow Jones Industrial Average dropped 1% to 42,514.95. The S&P 500 was also down 0.9% to 5,797.42, while the Nasdaq Composite saw the largest decline, falling 1.6% to 18,276.65.
European markets also closed lower, with mining companies leading the declines, while major firms like German lender Deutsche Bank and beauty giant L’Oreal reported disappointing earnings. The Stoxx 600 index dropped 0.3%, closing at 518.84. /TISG
Read also: Singapore stocks rose at Wednesday’s open—STI increased by 0.2%
Featured image by Depositphotos