Singapore shares open higher on Friday; STI up 0.2% to 3,200.15

SINGAPORE shares edged higher on Friday morning, with the Straits Times Index gaining 0.2 per cent, or 5.19 points to 3,200.15 as at 9am. 

This comes after Wall Street stocks found themselves close to a record high overnight, amid the European Central Bank’s (ECB) decision to cut interest rates and further signs of moderation in the US-China trade war. 

The Dow Jones Industrial Average ended the day up 0.2 per cent, rising for the seventh straight session. Both the broad-based S&P 500 and the tech-rich Nasdaq Composite Index climbed 0.3 per cent.

On the Singapore bourse, gainers outnumbered losers 61 to 33, after about 13.8 million shares worth S$36.6 million changed hands.

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Among the most heavily traded by volume, Yangzijiang Shipbuilding was flat at S$1.11, with almost 2 million shares traded. The stock continues to recover after diving 30 per cent over two sessions last month.

AEM Holdings gained 3.5 per cent or four cents to S$1.19, with 1.3 million shares traded. This comes after the mainboard-listed precision manufacturer on Thursday said it had received sales orders worth S$280 million as of Sept 12, and revised upwards its expected revenue range to between S$285 million and S$305 million for FY2019.  

Banking stocks were all in the green in the morning trade – DBS rose 0.4 per cent, or nine cents to S$25.46; OCBC bank gained 0.6 per cent, or seven cents to S$11.08; and United Overseas Bank was up 0.1 per cent or three cents to S$26.44. 

Other active index stocks included Hi-P which climbed 1.7 per cent, or two cents to S$1.22; and Hongkong Land which was up 1.1 per cent, or six US cents to US$5.78. 

Elsewhere, Asian equities saw modest gains at the end of the trading week, as hints of progress in the US-China trade dispute and a fresh round of stimulus from the European Central Bank helped to allay worries about a global economic slowdown. 

Japan’s Topix index advanced 0.5 per cent as at 8.40am, and Australia stocks gained 0.3 per cent. Futures on the S&P 500 Index added 0.1 per cent. The underlying gauge climbed about 0.3 per cent on Thursday. 

Markets in China, South Korea and Taiwan were shut for the Mid-Autumn Festival holiday. 

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