The Straits Times Index (STI) gains 0.4% amid strong performances in oil, gas, and banking sectors.
SINGAPORE: Singapore stocks opened higher on Tuesday (Aug 13), bolstered by steady economic data for the second quarter. The nation’s gross domestic product (GDP) growth remained at 2.9% from April to June, matching earlier estimates and closely aligning with Q1’s 3% growth.
The Straits Times Index (STI) climbed 12.2 points, or 0.4%, to 3,247.58 at 9:01 am, according to The Business Times. Across the broader market, 80 stocks advanced, while 35 declined, with 60.6 million securities worth S$86.7 million traded early in the session.
Sector Highlights
Oil and gas-related stocks emerged as top performers. Rex International Holdings saw significant trading activity with 4.1 million shares exchanged, pushing its share price up by S$0.007, or 7.5%, to S$0.101. Similarly, RH Petrogas surged by S$0.014, or 10.9%, to S$0.142.
Yangzijiang Shipbuilding Holdings posted a strong performance, jumping S$0.18, or 7.6%, to S$2.56. The shipbuilder’s rally followed the announcement of a net profit of 3.1 billion yuan (S$553.7 million) for the first half of 2024, ending June 30.
Banking Sector Gains
Banking stocks also contributed to the market’s uptick. DBS Bank edged up by S$0.07, or 0.2%, to S$34.05. United Overseas Bank (UOB) rose S$0.10, or 0.3%, to S$29.39, while Oversea-Chinese Banking Corporation (OCBC) gained S$0.05, or 0.4%, to trade at S$13.88.
Global Market Trends
In the United States, markets closed mixed on Monday as investors awaited key inflation data. The Dow Jones Industrial Average dipped 0.4% to end at 39,357.01. The S&P 500 remained largely unchanged at 5,344.39, while the Nasdaq Composite Index edged up 0.2% to 16,780.61.
European markets remained flat amid recession concerns and economic data releases. The Stoxx 600 index closed almost unchanged at 499.08.
Singapore’s robust GDP performance and gains in major sectors highlight economic resilience, even as global markets show signs of caution.
