Singapore stocks climb at Wednesday’s open; STI up 0.4%

SINGAPORE shares rose on Wednesday (Apr 24) morning, mirroring overnight gains in global markets amid the release of corporate earnings and ebbing tensions in the Middle East. 

As at 9.02 am, the Straits Times Index (STI) rose 11.38 points or 0.4 per cent to 3,284.10. Across the broader market, gainers outnumbered losers 95 to 27 after 74.9 million securities worth S$122 million changed hands. 

Thai Beverage was the most heavily traded counter by volume. The counter remained unchanged at S$0.48, after 8.5 million securities were transacted. 

Other counters that were briskly exchanged included Singtel which traded flat S$2.38, after 7.8 million shares changed hands, and Seatrium which remained unchanged at S$0.083, after 6.4 million securities were traded.

Banking stocks were mixed in early trade. DBS dropped 0.3 per cent or S$0.09 to S$34.53, OCBC gained 1 per cent or S$0.14 to S$14.16, and UOB inched up 0.5 per cent or S$0.15 to S$31.24.

Over on Wall Street, stocks continued their rally on Tuesday on the back of largely upbeat corporate financial earnings. The tech-rich Nasdaq Composite Index advanced 1.6 per cent to 15,696.64, and the broad-based S&P 500 climbed 1.2 per cent to 5,070.55. The Dow Jones Industrial Average closed 0.7 per cent higher at 38,503.69.

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Stocks to watch: MPACT, CapitaLand Ascott Trust, Hotel Properties, OUE Reit, CLCT

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In Europe, shares recorded a one week high on Tuesday, boosted by strong corporate updates from the retail and technology sectors. The pan-European Stoxx 600 gained 1.1 per cent to close at 507.79.