SINGAPORE: Singapore stocks rose on Friday’s (Nov 8) open following a US interest rate cut of a quarter-point. The move helped push global markets up, building on the positive reaction to Donald Trump’s presidential election win earlier this week.
The Straits Times Index (STI) gained 0.4%, or 13.4 points, at 3,686.89 at 9:03 am, as reported by The Business Times.
In the broader market, 91 stocks gained compared to 38 that lost, after 68.6 million securities valued at S$153.5 million were traded.
Genting Singapore led the trading volume, though it saw a decline of 6.6%, or S$0.055, to S$0.785 with 9.6 million shares exchanged. Other active stocks included Mapletree Pan Asia Commercial Trust, which remained flat at S$1.25, and Frasers Logistics and Commercial Trust, which gained 1%, or S$0.01, to S$1.03.
Banking stocks opened mixed. UOB rose 2.7%, or S$0.91, to S$34.21, while DBS increased by 0.2%, or S$0.08, to S$41.78. However, OCBC saw a drop of 0.3%, or S$0.05, to S$15.83.
In the US, Wall Street stocks closed mixed on Thursday following the US presidential election, with the S&P 500 and Nasdaq Composite Index reaching new record highs after the Federal Reserve’s interest rate cut, while the Dow Jones Industrial Average ended nearly flat.
The S&P 500 gained 0.7% to 5,973.10, and the Nasdaq Composite Index climbed 1.5% to 19,269.46. The Dow Jones dropped slightly, closing at 43,729.34.
In Europe, stocks were boosted by gains in tech and resource shares. The Stoxx 600 index ended 0.6% higher, closing at 509.92. /TISG
Read also: Singapore stocks rose on Thursday’s open—STI gained 0.6%
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