Singapore stocks started on a strong note on Wednesday—STI rose by 0.3%

SINGAPORE: Singapore stocks started on a strong note on Wednesday morning despite mixed performances in global markets the previous night.

The Business Times reported that the Straits Times Index (STI) rose by 0.3%, gaining 11.27 points to reach 3,320.48 by 9:01 am.

The broader market had more stocks up than down, with 64 rising and 43 falling after 55.6 million securities worth S$75.2 million were traded.

Thai Beverage, the most traded stock by volume, fell by 4.9% or S$0.025 to S$0.485, with 20 million shares changing hands. Singtel saw significant activity, rising by 0.8% or S$0.02 to S$2.58.

Yoma Strategic shares increased by 0.9% or S$0.001 to S$0.111. This followed the company’s response to the Singapore Exchange Regulation’s questions about unusual trading activity.

Yoma Strategic, a Myanmar-focused conglomerate, stated on Tuesday that it was unaware of any specific reasons for the unusual trading except for releasing its FY2024 results on May 29 and subsequent media coverage.

Banking stocks were performing well at the opening. DBS gained 0.5% or S$0.16 to reach S$35.71. OCBC rose by 1.1% or S$0.16 to S$14.35. UOB increased by 0.8% or S$0.25 to S$30.82.

In global markets, Wall Street saw mixed results on Tuesday after Apple shares rose following the company’s announcement of plans for artificial intelligence.

The Nasdaq Composite Index closed at 17,343.55, up 0.9%, marking its second consecutive record close. The S&P 500 also hit an all-time high, rising by 0.3% to close at 5,375.32.

However, the Dow Jones Industrial Average fell by 0.3%, closing at 38,747.42.

In Europe, shares ended lower as banking stocks fell amid political uncertainties in France and concerns about the upcoming US Federal Reserve’s monetary policy meeting. The pan-European Stoxx 600 index closed down by 0.9% at 517.29. /TISG

Read also: Singapore shares rose again on Tuesday—STI rose by 0.2%

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