SINGAPORE shares advanced at the opening bell on Monday (May 6) morning, tracking gains in global markets.
As at 9.01 am, the Straits Times Index (STI) rose 8.31 points or 0.3 per cent to 3,301.24. Across the broader market, gainers outnumbered losers 94 to 57, after 51.6 million securities worth S$58.5 million changed hands.
Thai Beverage : Y92 0% was the most heavily traded counter by volume. The counter gained 1 per cent or S$0.005 to S$0.495, after 3.9 million securities were transacted.
Other counters that were briskly exchanged included watch-listed Beng Kuang Marine, : BEZ 0%which traded flat at S$0.178, after 3.5 million shares changed hands, and Seatrium, : S51 0% which shed 1.1 per cent or S$0.001 to S$0.091, after 3.5 million securities were traded.
Banking stocks were mixed during early trade. DBS : D05 0% declined 0.1 per cent or S$0.05 to S$35.59, OCBC : O39 0% gained 0.1 per cent or S$0.02 to S$14.30, and UOB : U11 0% dipped 0.1 per cent or S$0.04 to S$30.61.
Over on Wall Street, stocks rallied on Friday, following the release of US economic data which indicated a slowdown in hiring and increase in unemployment. This fuelled investor hopes that the Federal Reserve could start cutting interest rates soon.
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The tech-heavy Nasdaq Composite Index climbed 2 per cent to 16,156.33, and the broad-based S&P 500 advanced 1.3 per cent to 5,127.79. The Dow Jones Industrial Average gained 1.2 per cent to 38,675.68.
In Europe, shares logged gains on Friday, boosted by strength in the technology sector which outweighed weakness in banking stocks. The pan-European Stoxx 600 rose 0.5 per cent to close at 505.53.
