SINGAPORE stocks advanced on Friday (Jul 12) morning, following better-than-expected gross domestic product growth in the second quarter of 2024.
Data released by the Ministry of Trade and Industry showed that GDP grew 2.9 per cent year on year, comparable to the revised growth rate of 3 per cent in the previous quarter, going by the advance estimates.
As at 9.01 am, the Straits Times Index (STI) opened 0.5 per cent or 17.89 points higher at 3,492.95. Across the broader market, gainers outnumbered losers 83 to 35 after 70.2 million securities worth S$109.9 million changed hands.
The most actively traded counter by volume was CapitaLand Integrated Commercial Trust, which rose 1.5 per cent or S$0.03 to S$2.07, with seven million units changing hands.
Other heavily traded securities included Yoma Strategic, which rose 6.5 per cent or S$0.007 to S$0.115. Units of Mapletree Logistics Trust also edged up 1.5 per cent, or S$0.02 to S$1.34.
Banking stocks were trading mixed at the open. DBS inched down 0.3 per cent or S$0.11 to S$38.27. UOB rose 0.5 per cent or S$0.17 to S$33.13. OCBC increased 0.9 per cent or S$0.13 to S$15.33.
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Wall Street stocks finished Thursday mixed as the yield on US Treasury bonds fell further amid rising expectations of interest rate cuts. The Dow Jones Industrial Average finished up 0.1 per cent at 39,753.75. The broad-based S&P 500 dropped 0.9 per cent to 5,584.54, while the Nasdaq Composite Index fell 2 per cent to 18,283.41.
In Europe, shares ended higher on softer-than-expected US inflation data. The Europe-wide Stoxx 600 index ended 0.6 per cent higher at 519.51.
