SINGAPORE stocks rose on Monday (Aug 26) morning as remarks from US Federal Reserve chair Jerome Powell cemented expectations that the central bank will cut its key policy rate next month.
As at 9.03 am, the Straits Times Index (STI) opened 0.4 per cent or 13.34 points higher at 3,401.33. Across the broader market, gainers outnumbered losers 127 to 28 after 72.9 million securities worth S$78.3 million changed hands.
One of the most actively traded counters by volume was Genting Singapore, which rose 0.6 per cent to S$0.82, with 4.6 million shares changing hands.
Other heavily traded securities included Singtel, which opened flat at S$2.94. Shares of in-flight caterer and ground handler Sats rose 0.3 per cent or S$0.01 to S$3.58.
Banking stocks traded higher at the open. DBS increased 0.1 per cent or S$0.04 to S$35.93. UOB increased 0.2 per cent or S$0.06 to S$30.84. OCBC was up 0.1 per cent or S$0.02 at S$14.40.
Wall Street stocks rallied on Friday. This week, the Fed will consider a slew of economic indicators ahead of its September rate decision, including the Commerce Department’s revised second-quarter gross domestic product and the broad-ranging personal consumption expenditures report.
The Dow Jones Industrial Average rose 462.3 points, or 1.1 per cent, to 41,175.08, while the broad-based S&P 500 gained 63.97 points, or 1.2 per cent, to 5,634.61. The tech-rich Nasdaq Composite added 258.44 points, or 1.5 per cent, to end the day at 17,877.79.
In Europe, shares ended with broad-based gains. The pan-European Stoxx 600 index ended 0.5 per cent higher at 518.13, its highest level in over three weeks.
