SINGAPORE shares rose at the opening bell on Thursday (Feb 29) morning, despite overnight losses in global markets.
The Straits Times Index (STI) gained 0.2 per cent or 6.36 points to 3,145.29 as at 9.01 am. Across the broader market, gainers outnumbered losers 61 to 56 after 48.2 million securities worth S$40 million changed hands.
Seatrium was the most heavily traded counter by volume. It gained 1.2 per cent or S$0.001 to S$0.088 after 19.2 million securities were transacted.
Other companies that were briskly traded included Yangzijiang Financial, which rose 1.5 per cent or S$0.005 to S$0.34, as well as ESR-Logos Reit which fell 1.6 per cent or S$0.005 to S$0.305.
Banking stocks traded mixed in early morning trade. DBS gained 0.5 per cent or S$0.17 to S$33.62. OCBC declined 0.4 per cent or S$0.05 to S$12.96, while UOB inched up 0.1 per cent or S$0.03 to S$28.16.
Over on Wall Street, stocks slipped on Wednesday as investors await inflation data expected to influence the Federal Reserve’s upcoming policy decisions. The Dow Jones Industrial Average slipped 0.1 per cent to 38,949.02. The broad-based S&P 500 dropped 0.2 per cent to 5,069.76, and the tech-rich Nasdaq Composite Index declined 0.6 per cent to 15,947.74.
In Europe, the Stoxx 600 also fell on Wednesday after downbeat corporate earnings, and investors bracing for crucial eurozone and US inflation data for clues on interest-rate outlooks. The pan-European Stoxx 600 closed 0.4 per cent lower at 494.59, a near one-week low.
