Singapore stocks rose on Tuesday—STI climbed by 0.8%

SINGAPORE: Singapore stocks rose on Tuesday, August 6, rebounding from a global market slump where all three major Wall Street indices declined. The Straits Times Index (STI) climbed 0.8%, gaining 24.79 points to reach 3,268.46 as of 9:01 am, The Business Times reports.

In the broader market, 94 gainers outpaced 56 decliners after 63.4 million securities worth S$96.5 million were traded in the early hours.

LifeBrandz was the most actively traded stock. Its price stayed flat at S$0.002 after about eight million shares were exchanged. Mapletree Logistics Trust saw significant activity as well, rising 1.6% or S$0.02 to S$1.31 after four million units traded.

Meanwhile, Singtel increased by 0.3% or S$0.01 to S$2.92.

Banking stocks boosted the market’s positive start. DBS increased by 0.9% or S$0.30 to S$33.57. UOB rose 0.7% or S$0.22 to S$30.30, and OCBC climbed 1.4% or S$0.19 to S$14.21.

On Monday, US stocks saw a sharp sell-off due to economic worries and instability in overseas markets. The Dow Jones Industrial Average fell 2.6%, losing over 1,000 points to close at 38,703.27.

The S&P 500 dropped 3% to 5,186.33, while the Nasdaq Composite Index decreased 3.4% to 16,200.08.

European markets were not spared from the global downturn. The main European stock index dropped to its lowest level in over six months on Monday as worries about a slowdown in the world’s largest economy impacted global equities.

The Stoxx 600 dropped 2.2% at 487.05. This marked its sharpest three-day drop since June 2022, ending below the 500-point level for the second day. /TISG

Read also: Singapore stocks fell on Monday—STI dropped 2.5%

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