SINGAPORE shares soared at the opening bell on Friday (Aug 16) after non-oil domestic exports far exceeded economists’ estimates to climb 15.7 per cent in July, with growth in both electronics and non-electronics exports.
As at 9.01 am, the Straits Times Index (STI) leapt 31.72 points or 1 per cent to 3,347.45. Across the broader market, gainers outnumbered losers 102 to 41 after 50.6 million securities worth S$84.6 million changed hands.
Index names logged heavy volumes at the open, with Genting Singapore being the most briskly transacted. The integrated resort operator shed S$0.005 or 0.6 per cent to S$0.825 after 9.8 million of its shares were traded.
Shares of Thai Beverage were highly active as well, gaining S$0.005 or 1.1 per cent to S$0.48. Singtel lost S$0.05 or 1.7 per cent to S$2.97.
Banking stocks were a sea of green in early trade, with DBS leading gains at S$35.61, up S$0.85 or 2.5 per cent. UOB leapt S$0.35 or 1.2 per cent to S$30.38, and OCBC was up S$0.14 or 1 per cent at S$14.16.
Wall Street logged a strong showing at Thursday’s close, with all three indices rallying on the back of encouraging consumer data.
The Dow Jones Industrial Average rose 1.4 per cent to 40,563.06, while the broad-based S&P 500 added 1.6 per cent to 5,543.22. The tech-focused Nasdaq Composite Index surged by 2.3 per cent to 17,594.5.
Over in Europe, increased risk appetite on strong US retail sales data helped to boost technology and bank shares.
The pan-European Stoxx 600 closed at 509.88, up 1.2 per cent on the day to complete a reversal of the losses posted during the global market turmoil in the first half of August.
