Singapore stocks rose on Thursday’s open—STI gained 0.6%

SINGAPORE: Singapore stocks opened higher on Thursday (Nov 7) following mixed results from global markets.

The Straits Times Index (STI) gained 0.6%, or 20.74 points, reaching 3,623.73 by 9:01 am, as reported by The Business Times.

In the broader market, 63 gainers outpaced 48 losers after 38.7 million securities valued at S$118.9 million were traded.

Yangzijiang Shipbuilding led the trading volume. Its shares increased 2.4%, or S$0.06, to S$2.61, with 3.8 million shares traded. Other actively traded stocks included CapitaLand Integrated Commercial Trust, which dropped 1.5%, or S$0.03, to S$1.98, and Frasers Logistics & Commercial Trust which remained flat, trading at S$1.05.

DBS Bank saw a notable rise of 4%, or S$1.55, to S$40.70 at 9:30 am. The bank reported a strong third-quarter performance, with net profit rising 17% year-on-year (YoY) to S$3.03 billion, surpassing the S$3 billion mark for the first time, up from S$2.59 billion in the same period last year.

United Overseas Bank also gained 1.3%, or S$0.41, to S$33.10, and OCBC Bank rose by 1%, or S$0.15, to S$15.45.

On Wednesday, Wall Street stocks soared to record highs following the US Presidential election, with Donald Trump’s victory pushing all three major indices to record levels.

The Dow Jones Industrial Average led the gains, rising 3.6% to close at 43,729.93. The tech-heavy Nasdaq Composite Index also rose 3% to 18,983.46, while the S&P 500 gained 2.5% to finish at 5,929.04.

Meanwhile, European shares closed lower on Wednesday, with utility shares declining over concerns that the incoming US President might halt new approvals for offshore wind projects. The pan-European Stoxx 600 Index dropped 0.5%, closing at 506.78. /TISG

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

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