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Tue, November 24, 2020-9: 39 am
SINGAPORE shares opened higher Tuesday morning, reflecting regional markets and following overnight gains on Wall Street, where shares rose following more positive news about Covid-19 vaccines.
The Straits Times Index (STI) rose 0.7 percent or 21.1 points to 2,869.88 as of 9:01 a.m., the third consecutive day of gains for the index.
The winners outnumbered the losers 126 to 30, after 220 million securities worth S $ 126 million changed hands.
Aviation-related counters such as SATS and Singapore Airlines were trading higher, after AstraZeneca announced Monday that its Covid-19 vaccine could be up to 90 percent effective.
SIA shares rose S $ 0.06 or 1.5% to S $ 4.13, while SATS shares rose S $ 0.07 or 1.7% to S $ 4.15 at 9:02 am.
Sembcorp Marine shares were among the most actively traded Tuesday morning, with 31 million shares changing hands at 9:02 a.m. The stock was up 4 percent or 0.6 Singapore cent to 15.6 cents. The stock was up 12.8 percent Monday to 15 cents on the dollar, and analysts attributed the rise to “stifled cycles,” a surge in crude prices and broader optimism on vaccines.
Broadway Industrial Group shares were also actively traded on Tuesday morning, rising 9.7 percent or 1.2 Singapore cents to 13.6 cents as of 9:02 a.m. The motherboard-listed company said Tuesday that Seksun Technology (Suzhou) Co has made an offer to buy Broadway Industrial’s hard drive business for $ 50 million.
Shares of Top Glove were trading lower at Tuesday’s open, falling 5.4 percent or S $ 0.13 to S $ 2.26. It comes after news that the Malaysian glove maker will suspend operations at its manufacturing facility in Meru, Klang, after its workers tested positive for Covid-19.
Shares on Wall Street surged on Monday following another upbeat announcement about a new coronavirus vaccine and news of President-elect Joe Biden’s selection of Janet Yellen as Secretary of the Treasury.
The Dow Jones Industrial Average gained 1.1 percent to 29,591.27. The broad-based S&P 500 advanced 0.6 percent to 3,577.59, while the technology-rich Nasdaq Composite Index added 0.2 percent to 11,880.63.
Elsewhere in Asia, Tokyo shares opened higher on Tuesday after US President Donald Trump said he was no longer opposed to government aid for Biden’s transition team, and markets too. they were boosted by news about new vaccines.
The Nikkei 225 Index rose 1.9 percent or 486.82 points to 26,014.19 in early trading, after a long weekend. The broader Topix index added 2 percent or 34.51 points to 1,761.90.
The ASX 200 in Australia was also up about 1 percent to 6,626.9 in morning trading.
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