SINGAPORE stocks rose on Thursday (Feb 15) morning following news that gross domestic product growth in 2023 was 1.1 per cent, marginally down from advance estimates.
It was also reported that Singapore’s non-oil domestic exports year-on-year growth is now expected to come in between 4 and 6 per cent in 2024, representing an upgrade from November’s forecasted range of 2 to 4 per cent.
The Straits Times Index (STI) gained 0.3 per cent or 8.28 points to 3,147.35 as at 9.02 am. Across the broader market, gainers outnumbered losers 70 to 43 after 48.7 million securities worth S$46.7 million changed hands.
Thai Beverage was the most heavily traded counter by volume. It fell 1 per cent or S$0.005 to S$0.49 after 8.5 million securities were transacted.
Other companies that were briskly traded included Seatrium, which traded at a volume of about five million, as well as MarcoPolo Marine which changed hands at 3.2 million.
Banking stocks all rose in early morning trade. DBS inched up 0.3 per cent or S$0.09 to S$32.66. OCBC gained 0.3 per cent or S$0.04 to S$12.99, and UOB rose 0.3 per cent or S$0.08 to S$28.40.
Over on Wall Street, shares resumed to climb on Wednesday after the drag caused by inflation data the prior session. The Dow Jones Industrial Average finished up 0.4 per cent at 38,424.27. The broad-based S&P 500 gained 1 per cent to 5,000.62, while the tech-rich Nasdaq Composite Index jumped 1.3 per cent to 15,859.15.
In Europe, shares regained ground on Wednesday as the United Kingdom’s inflation report was softer-than-expected and boosted chances of interest rate cuts by the Bank of England. The pan-European Stoxx 600 ended at 485.24 up 0.5 per cent following a 1 per cent drop in the previous session.