Singapore stocks open higher on Thursday as Biden takes office; STI up 0.2%

SINGAPORE shares opened in positive territory on Thursday, following a strong lead from Wall Street overnight, as Joe Biden was inaugurated as the 46th president of the United States.

The Straits Times Index (STI) gained 4.75 points or 0.2 per cent to 3,003.52. Gainers outnumbered losers 114 to 24, after about 159 million securities worth S$68.3 million changed hands.

Among the index securities, the most heavily traded by volume was Ascendas Reit, which edged up S$0.01 or 0.3 per cent to S$3.09 with 1.8 million units traded.

CapitaLand Integrated Commercial Trust slipped S$0.03 or 1.3 per cent to S$2.32 with 1.8 million units changing hands. This comes as the trust posted a distribution per unit of 2.63 Singapore cents for its fourth quarter ended Dec 31, down from 3.11 cents a year ago.

The trio of local lenders were mixed in early trade. DBS fell S$0.04 or 0.2 per cent to S$26.34, UOB added S$0.03 or 0.1 per cent to S$23.93, while OCBC gained S$0.03 or 0.3 per cent to S$10.63.

Rex International advanced 0.7 Singapore cent or 4.4 per cent to 16.5 cents. This comes after the oil exploration and production firm on Wednesday night said its 90 per cent subsidiary Lime Petroleum AS has obtained participating interests in four new offshore licences, including one with a discovery for development. 

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SIIC Environment rose 0.7 Singapore cent or 3.7 per cent to 19.4 cents, after the mainboard-listed company on Wednesday said it has bagged a project involving the expansion of a wastewater-treatment plant.

Meanwhile, New Silkroutes Group shed 1.5 Singapore cents or 6.7 per cent to 21 cents. In response to queries raised by the Singapore Exchange, the group said it has appointed provisional liquidators to undertake a creditors' voluntary liquidation of its wholly-owned oil-trading subsidiary International Energy Group.

Over on Wall Street, all three major indices ended at record highs amid promises of big economic stimulus, and relief that the presidential inauguration was uneventful.

The tech-rich Nasdaq Composite Index led the charge, jumping 2 per cent to end the day at 13,457.25. The Dow Jones Industrial Average rose 0.8 per cent to close at 31,188.38, while the broad-based S&P 500 climbed 1.4 per cent to 3,851.85.

European stocks rose on Wednesday after Dutch chip equipment maker ASML and Swiss luxury group Richemont gave encouraging earnings updates, while investors hoped for a large US stimulus plan as Mr Biden was sworn in as president. The pan-European Stoxx 600 index closed 0.7 per cent higher.

Elsewhere in Asia, Tokyo stocks opened higher on Thursday, with traders awaiting a Bank of Japan's policy decision. The benchmark Nikkei 225 index was up 0.9 per cent or 246.13 points at 28,769.39 in early trade, while the broader Topix index advanced 0.7 per cent or 12.57 points to 1,862.15.