Singapore stocks started on a higher note on Monday—STI climbed 0.6%

SINGAPORE: Singapore stocks started on a higher note on Monday, Oct 7, following gains seen in overseas markets over the weekend.

The Straits Times Index (STI) climbed 0.6 per cent, or 20.59 points, reaching 3,609.72 by 9:01 am, as reported by The Business Times. In the broader market, 83 stocks gained, outpacing 31 losers, after around 39.5 million securities valued at S$34 million were traded.

Offshore oil-and-gas contractor Dyna-Mac led the trading volume. Its shares rose 0.8 per cent, or S$0.005, to S$0.635, with 6.9 million shares traded.

Other active stocks included ESR-Logos Reit, which remained flat at S$0.29, and Jiutian Chemical Group, whose shares climbed 6.3 per cent, or S$0.002, to S$0.034.

Singapore’s major banks also saw gains. DBS increased 1.4 per cent or S$0.53 to S$38.57, while OCBC rose 0.8 per cent or S$0.12 to S$15.01. UOB also gained 0.4 per cent or S$0.12, trading at S$31.98.

On Friday, Wall Street closed higher after positive job data as the US economy added 254,000 jobs in September.

In addition, a tentative agreement between union leaders and shipping companies to end a US port strike helped ease concerns about potential supply chain disruptions.

The S&P 500 rose 0.9 per cent to 5,751.07, while the Dow Jones Industrial Average increased 0.8 per cent to 42,352.75. The Nasdaq Composite Index also performed well, climbing 1.2 per cent to 18,137.85.

European markets also closed higher on Friday, driven by the strong US jobs report. The pan-European Stoxx 600 index went up 0.4 per cent to 518.56. /TISG

Read also: Singapore stocks dropped on Friday’s open—STI fell 0.2%

Featured image by Depositphotos