Singapore stocks rose on Thursday’s open—STI gained 0.4%

SINGAPORE: Singapore stocks opened higher on Thursday (Nov 28) while Asian markets traded within a narrow range as investors stayed on the sidelines ahead of the US Thanksgiving holiday.

The Straits Times Index (STI) gained 0.4% or 14.24 points to 3,722.33 by 9:03 am, as reported by The Business Times.

In the broader market, 65 stocks gained, while 31 declined, with 32.9 million securities valued at S$51.2 million traded.

Air-conditioning services provider Progen Holdings led the trading volume. Its price rose 6.7% or S$0.002 to S$0.032, with 5.5 million shares traded. Thai Beverage (ThaiBev) also gained 0.9% or S$0.005 to S$0.555, with nearly four million shares traded.

All three major banks in Singapore traded higher at the open after a rise in inflation data preferred by the US Federal Reserve. This supported the central bank’s careful approach to lowering interest rates. DBS rose 0.3% or S$0.14 to S$41.99, OCBC gained 0.4% or S$0.06 to S$16.14, and UOB climbed 0.6% or S$0.23 to S$36.56.

Wall Street fell on Wednesday, pulling back from record highs as inflation data revealed a rise in consumer prices. After three consecutive closing records for the Dow and a new high for the S&P 500 on Tuesday, both indices, along with the Nasdaq, declined in the week’s final full trading session.

The Dow Jones Industrial Average dropped 0.3% to 44,722.06, the S&P 500 fell 0.4% to 5,998.74, and the tech-heavy Nasdaq Composite Index retreated 0.6% to close at 19,060.48.

In Europe, stocks also fell amid growing concerns over the French government’s ability to pass its budget plan. The pan-European Stoxx 600 slipped 0.2% to 504.96 points, while France’s blue chips index CAC 40 dropped 0.7%. /TISG

Read also: Singapore stocks rose as trading began on Wednesday—STI rose 0.3%

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