Positive performance in European markets boosts Singapore’s market sentiment.
SINGAPORE: Singapore’s stock market opened on a positive note on Tuesday, supported by the favorable performances in European markets overnight.
According to The Business Times, the Straits Times Index (STI) increased by 0.3%, adding 9.02 points to reach 3,327.47 as of 9:02 am.
In the broader market, the number of gainers outpaced the losers, with 65 stocks advancing while 38 declined. A total of 41.8 million securities valued at S$54.9 million were traded.
Seatrium was the most actively traded stock by volume, maintaining its price at S$1.72 with 4.8 million shares changing hands. Singtel saw a rise of 0.8%, or S$0.02, bringing its price to S$2.45 with 3.8 million shares traded. Yangzijiang Shipbuilding performed well, rising 2.1%, or S$0.04, to reach S$1.97 with 3 million shares exchanged.
In the banking sector, the results were mixed. DBS experienced a slight dip of 0.1%, or S$0.04, bringing its price to S$35.81. On the other hand, UOB gained 0.1%, or S$0.03, reaching S$30.53, while OCBC saw a 0.2% increase, or S$0.03, reaching S$14.47.
The positive market open in Singapore mirrored the strong performance in Europe, where shares closed higher on Monday. The pan-European Stoxx 600 index rose by 0.3%, nearing an all-time high, as investors reacted positively to hints from the European Central Bank of potential interest rate cuts. Meanwhile, US markets were closed on Monday for Memorial Day.
