SINGAPORE: Singapore stocks started December positively on Monday, Dec 2, boosted by regional market gains during a seasonally strong period for equities.
The Straits Times Index (STI) rose 0.7%, or 27.04 points, to 3,766.33 by 9:01 am, as reported by The Business Times. In the broader market, 85 stocks advanced compared to 23 that declined, with 48.8 million shares valued at S$69.4 million traded.
Thai Beverage (ThaiBev) led the trading volume, climbing 1.8%, or S$0.01, to S$0.575, with about 5.8 million shares exchanged.
According to The Business Times, shares of Singapore Post (SingPost) saw a jump after the company announced plans to sell its Australian business.
The divestment, valued at A$1 billion (S$870 million), was disclosed in a share purchase agreement before trading began. SingPost’s stock rose 2.6%, or S$0.015, to S$0.595 following the news.
The banking sector also showed gains. DBS added 0.7%, or S$0.31, to trade at S$42.74. OCBC advanced 0.6%, or S$0.09, to S$16.37, while UOB increased by 0.9%, or S$0.31, to S$36.67.
On Wall Street, stocks ended a shortened Black Friday session with record highs. Technology stocks like Nvidia boosted the S&P 500 and Dow Jones Industrial Average, while the holiday shopping season brought attention to retail.
The S&P 500 increased by 0.6% to 6,032.44 points, surpassing its previous intraday record of 6,025.42 set on Nov 26. The Dow Jones Industrial Average rose 0.4% to 44,910.65 points, and the Nasdaq Composite Index climbed 0.8% to reach 19,218.17 points.
In Europe, the Stoxx 600 ended the week higher, supported by a rally in tech stocks as investors assessed eurozone inflation data for hints of a possible larger interest rate cut.
The pan-European Stoxx 600 reversed earlier losses, rising 0.6% to 510.25 points on Friday, and achieved its first monthly gain since August, up 1% in November. /TISG
Read also: Singapore stocks traded lower on Friday’s open—STI fell 0.4%
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