Singapore shares open higher on Wednesday; STI up 0.6%

SINGAPORE stocks began trading in positive territory on Wednesday, extending a rally overnight that ended a three-day losing streak. 

The key Straits Times Index (STI) gained 15.70 points or 0.6 per cent to 2,531.40 as at 9.01am on Wednesday. Gainers outnumbered losers 106 to 32, after some 69.7 million securities worth S$50.6 million changed hands. 

The most active counter by volume was LionGold which was flat at 0.2 Singapore cent with 12.6 million shares traded. 

Other heavily traded securities included Synagie Corporation, which gained 5.3 per cent or one Singapore cent to 19.9 cents, with 11.3 million shares changing hands. The Catalist-listed firm has proposed a S$61.7 million sale of its e-commerce business and also expects to post a net profit for the first half this year, it said in separate filings on Wednesday.

Amid a sea of green on the Singapore bourse, financials were up in early trade. DBS gained S$0.19 or 1 per cent to S$19.88, United Overseas Bank climbed S$0.24 or 1.2 per cent to S$19.55, while OCBC Bank added S$0.04 or 0.5 per cent to S$8.65. 

Other active counters included CNMC Goldmine which rose 3.5 Singapore cents or 11.3 per cent to 34.5 cents, and Singapore Airlines (SIA) which advanced S$0.12 or 3.6 per cent to S$3.49. 

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SIA will likely see a delay in the launch of its new First and Business Class seats, which were poised to debut on the Boeing 777-9 in 2022. The national carrier is also in talks with planemakers Airbus and Boeing to postpone taking delivery of new aircraft, as it seeks to defer capital expenditure.

Over in the US, Wall Street stocks ended a choppy session higher on Tuesday, with the Nasdaq climbing to a fresh record, as markets monitor Washington negotiations on another relief package. The Dow Jones Industrial Average ended at 26,828.47, up 0.6 per cent. The S&P 500 advanced 0.4 per cent to 3,306.51, while the tech-rich Nasdaq Composite Index climbed 0.4 per cent to finish at 10,941.17.

European shares inched 0.1 per cent lower on Tuesday, after regaining some ground in late afternoon trading. Meanwhile, BP shares surged after it laid out plans to cut its oil and gas output and boost investments in renewable energy.

Elswhere in Asia, Tokyo stocks opened lower on Wednesday after two days of rallies. The benchmark Nikkei 225 index and the broader Topix index both slipped 0.5 per cent each in early trade.