Singapore shares rise on global gains, election news; STI up 0.1% at open, Stocks

Wed, Jun 24, 2020 – 10:04 AM

SINGAPORE stocks opened slightly higher on Wednesday, a day after Prime Minister Lee Hsien Loong called a General Election, and tracking stronger performances in the US, Europe and regional stock markets. 

Singapore will go to the polls on July 10 in an election that will see 93 seats in 31 constituencies up for contest, with as many as 2.65 million Singaporeans voting.

The benchmark Straits Times Index (STI) headed up 0.1 per cent or 2.6 points to 2,637.5 as at 9.11am on Wednesday.

Gainers outnumbered losers 77 to 28, after 30.6 million securities worth S$43.1 million changed hands.

Among STI stocks, the most active by volume was Singtel, which fell 0.4 per cent or S$0.01 to S$2.51 as at 9.53am with 12.2 million shares traded.

Other heavily traded securities included Genting Singapore, which increased by 0.7 per cent or 0.5 Singapore cent to 76.5 cents after 6.5 million shares changed hands.

Yoma Strategic which rose 1.8 per cent or 0.5 Singapore cent to 28 cents as at 9.53am. The Myanmar-focused company on Wednesday morning proposed to take a controlling interest in mobile payments firm Wave Money via a US$76.5 million deal.

Banking stocks were mixed in early morning trade. DBS was up 0.5 per cent or S$0.11 at S$21.24, UOB was up 0.2 per cent or S$0.05 to S$20.71, while OCBC was flat at S$9.12, as at 9.59am.

Mapletree Industrial Trust advanced 2.1 per cent or S$0.06 to S$2.90 on a cum-dividend basis with 11.4 million units traded, after its manager announced that its upsized private placement was 8.2 times covered at an issue price of S$2.80.

US stocks rallied at Tuesday’s close, with the Nasdaq Composite Index jumping to another record, finishing up 0.7 per cent at 10,131.37. The Dow Jones Industrial Average climbed 0.5 per cent to 26,156.10, while the S&P 500 rose 0.4 per cent to 3,131.29.

In Europe, the pan-European Stoxx 600 index closed 1.3 per cent higher. Economically sensitive sectors such as banks, automakers, miners and insurers gained between 1.9 per cent and 3.3 per cent.

Elsewhere in Asia, Tokyo stocks opened slightly higher on Wednesday following a higher yen against the US dollar and profit-taking offset support from rallies on Wall Street. The Nikkei 225 index was up 0.3 per cent to 22,608.26 in early trade, while the Topix index edged down 0.1 per cent to 1,585.78.

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