Singapore stocks rose on Tuesday’s open—STI climbed 0.3%

SINGAPORE: Singapore stocks rose on Tuesday’s open, Oct 1, following a mixed performance in global markets overnight.

The Straits Times Index (STI) climbed 0.3%, or 10.82 points, reaching 3,596.11 by 9:02 am, as reported by The Business Times. In the broader market, 79 stocks gained, while 56 saw losses after a total of 57.6 million securities valued at S$88.1 million were traded.

Zixin, a Chinese sweet potato biotech company, led the trading volume. Its shares rose 6.9%, or S$0.002, to S$0.031, with 6.2 million shares traded. Genting Singapore saw its shares drop by 0.6%, or S$0.005, to S$0.87.

On the other hand, Samko Timber, a timber processing firm, surged 50%, rising by S$0.001 to S$0.003.

Banking stocks had a positive start. UOB gained 0.6%, or S$0.18, to S$32.35. DBS rose 0.3%, or S$0.13, to S$38.18, while OCBC increased by 0.2%, or S$0.03, to S$15.13.

In the US, Wall Street stocks rose after Federal Reserve Chair Jerome Powell hinted at more interest rate cuts.

The Dow Jones Industrial Average edged up 0.04%, or 17.15 points, ending at 42,330.15. The S&P 500 also gained 0.4%, rising by 24.31 points to 5,762.48. Both indices set new records.

Meanwhile, the tech-heavy Nasdaq Composite Index also climbed 0.4%, adding 69.58 points to reach 18,189.17.

Meanwhile, European markets struggled, with shares dropping due to losses in the auto sector, despite good gains over the month and quarter. The Stoxx 600 index fell by 1%, or 5.19 points, closing at 522.89, pulling back from last week’s high. /TISG

Read also: Singapore stocks start the week with little change on Monday—STI slipped by 0.02%

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