SINGAPORE stocks kicked off Monday (Sep 2) on a bright note after global equities finished the trading week in positive territory, ahead of a highly anticipated September interest rate cut by the US Federal Reserve.
The Straits Times Index (STI) rose 3.73 points or 0.1 per cent to 3,446.66 as at 9.01 am. Across the broader market, gainers outnumbered losers 68 to 38 after 44.9 million securities worth S$132.1 million changed hands.
Singtel was the most active counter of the morning in terms of volume, shedding S$0.02 or 0.6 per cent to S$3.11 with 17.6 million of its shares moved.
Index counters CapitaLand Investment and Genting Singapore were briskly traded as well. The real asset manager fell S$0.02 or 0.7 per cent to S$2.69, while the integrated resort operator advanced S$0.005 or 0.6 per cent to S$0.81.
The local banks were a sea of green in early trade, with DBS jumping S$0.13 or 0.4 per cent to S$36.49. UOB climbed S$0.08 or 0.3 per cent to S$31.47, and OCBC stood S$0.03 or 0.2 per cent higher at S$14.58.
Wall Street stocks rose to end Friday higher, following fresh US economic data which raised expectations of a modest rate cut in September. The S&P 500 climbed 1 per cent to end at 5,648.4. The Nasdaq Composite Index climbed 1.1 per cent to 17,713.62, while the Dow Jones Industrial Average rose 0.6 per cent to 41,563.08.
European shares inched up to an all-time high on Friday after a significant drop in eurozone inflation. The pan-European Stoxx 600 index edged up 0.1 per cent to 525.05, after touching an intraday record high of 526.66.
