Singapore stocks started on a positive note on Monday after economic growth data—STI rose 0.2%

SINGAPORE: Singapore stocks started on a positive note on Monday, Oct 14, after reports showed the economy grew by 4.1% year-on-year (YoY) in the third quarter of 2024.

Singapore’s monetary policy settings were also kept unchanged for the sixth straight meeting in October, as expected by the market.

The Straits Times Index (STI) rose 0.2%, or 5.79 points, reaching 3,579.55 by 9:01 am, as reported by The Business Times.

In the broader market, 78 stocks gained compared to 40 that lost, after around 53.3 million securities valued at S$63.1 million were traded.

Gold miner Wilton Resources led the trading volume. Its shares climbed 14.3% or S$0.001 to S$0.008, with 7.1 million shares exchanged.

Yangzijiang Shipbuilding dropped 4.8% or S$0.12 to S$2.38 after the company announced that arbitration proceedings were filed against three of its units in London two years ago.

Biometric solutions provider Totm Technologies also saw brisk trading. Its shares fell 6.3% or S$0.002 to S$0.03.

Local banks performed well at the open. DBS gained 0.4% or S$0.15 to S$38.84, UOB rose 0.5% or S$0.15 to S$31.97, and OCBC increased 0.5% or S$0.07 to S$15.04.

Meanwhile, Wall Street ended the previous week with record highs despite mixed economic data.

The Dow Jones Industrial Average rose 1% to 42,863.86, while the S&P 500 gained 0.6% to 5,815.03, both reaching new records. The tech-heavy Nasdaq Composite Index also rose by 0.3% to 18,342.94.

In Europe, stocks also ended the week on a positive note, as investors evaluated the impact of higher-than-expected US inflation data and the start of the third-quarter earnings season.

The Stoxx 600 index climbed 0.6% to 521.98.  /TISG

Read also: Singapore stocks rose at Friday’s open—STI climbed 0.4%

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