Singapore shares rise at Monday’s open; STIs increased by 0.5%

SINGAPORE shares began trading higher on Monday (Nov 4) after global markets ended the previous week higher.

As of 9.01am, the Straits Times Index (STI) opened 0.5 percent or 17.92 points higher at 3,573.35. In the broader market, gainers outnumbered losers 67 to 50 after 35.9 million securities worth S$56.5 million changed hands.

Singtel was one of the most actively traded counters by volume. It rose 1 per cent or S$0.03 to S$3.13, with 3.3 million shares changing hands.

Units Mapletree Logistics Trust lost 0.8 per cent or S$0.01 to S$1.31. Shares Sitrium also traded briskly, rising 1.1 per cent or S$0.02 to S$1.92.

Banking stocks traded higher at the open. DBS rose 1 per cent or S$0.40 to S$39.15. UOB increased 0.6 per cent or S$0.19 to S$32.29. OCBC added 0.4 per cent or S$0.06 to S$15.24.

Wall Street Stocks ended higher last Friday as market watchers expect the Federal Reserve to cut interest rates following weak US employment data.

The Dow Jones Industrial Average added 0.7% to 42,052.19. The broad S&P 500 index rose 0.4% to 5,728.8 and the tech-heavy Nasdaq Composite index jumped 0.8% to 18,239.92.

In Europe, the main stock index recorded its biggest one-day gain in five weeks. Banks are leading the overall market recovery. The pan-European Stoxx 600 index closed 1.1% higher at 510.9 points.