Singapore stocks rose on Wednesday morning—STI increased by 0.8%

SINGAPORE: Singapore stocks rose on Wednesday morning, Oct 9, reflecting gains in the US overnight.

The Straits Times Index (STI) increased by 0.8% or 27.54 points to 3,603.23 by 9:01 am, as reported by The Business Times. In the broader market, 69 gainers outpaced 35 losers after 29.7 million securities were traded, valued at S$51.8 million.

Thai Beverage led the trading volume, with no change in price, staying at S$0.52 after 4.7 million shares were traded.

Meanwhile, other traded stocks, including food tech company Oceanus Group, dropped 12.5% to S$0.007, and Rex International, involved in oil exploration and production, saw its shares decline by 2.94% to S$0.131.

Banking stocks all rose at the open. DBS gained 1.1% or S$0.43 to trade at S$38.78. OCBC performed well, rising 1.7% or S$0.25 to S$15.13. United Overseas Bank (UOB) increased 0.5% or S$0.15, trading at S$31.91.

On Tuesday, Wall Street saw a boost from technology stocks and a drop in oil prices while investors closely assessed the tensions in the Middle East. The Dow Jones Industrial Average climbed 0.3% to 42,080.37.

The broad-based S&P 500 increased by 1% to 5,751.13. The tech-heavy Nasdaq Composite gained 1.5%, ending at 18,182.92.

In Europe, stocks closed lower on Tuesday as worries about China’s economy weighed on the market, with the lack of new details about stimulus measures triggering a selloff in sectors tied to mining and luxury goods.

The pan-European Stoxx 600 index fell nearly 1% to a two-week low but recovered slightly, finishing with a 0.6% decline at 516.64. /TISG

Read also: Singapore shares rose on Tuesday’s open—STI edged up 0.1%

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