Singapore stocks rose on Wednesday’s open—STI gained 0.2%

SINGAPORE: Singapore stocks rose on Wednesday’s open, Oct 16, despite losses in international markets overnight.

The Straits Times Index (STI) gained 0.2%, or 7.84 points, to reach 3,603.31 by 9:01 am, The Business Times reports.

In the broader market, gainers and losers were balanced, with both at 54, after a total of 53.8 million securities valued at S$59.3 million were traded.

LifeBrandz, a food and beverage group, led the trading volume. Its price remained steady at S$0.003, with 24.4 million shares traded.

Other actively traded stocks included ThaiBev, which rose 2.8%, or S$0.015, to S$0.545, and offshore oil-and-gas contractor Dyna-Mac, which fell 0.8%, or S$0.005, to S$0.65.

Singapore’s banking stocks also performed well at the opening. DBS saw a slight gain of 0.2%, rising by S$0.06 to S$39.46. OCBC increased by 0.5%, or S$0.07, to S$15.21, while UOB added 0.5%, or S$0.16, to reach S$32.52.

Wall Street struggled on Tuesday, hit by a drop in chipmaker shares following news of possible US export restrictions, while investors reviewed earnings reports.

The Dow Jones Industrial Average dropped 0.8% to 42,740.42. The S&P 500 also fell 0.8% to 5,815.26, while the tech-heavy Nasdaq Composite Index declined by 1% to 18,315.59.

European markets mirrored this negative trend, posting their largest one-day drop in over two weeks. Tech stocks led the decline after leaked third-quarter results from chip equipment maker ASML projected weak annual sales.

The pan-European Stoxx 600 index dropped 0.8%, closing at 520.57. /TISG

Read also: Singapore stocks rose on Tuesday—STI climbed 0.6%

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