SINGAPORE: Singapore stocks traded higher on Friday (Jan 31) morning, reflecting gains seen in global markets. The Straits Times Index (STI) advanced 1.1% or 42.16 points to 3,843.23 at 9:01 am, The Business Times reported.

In the broader market, 99 stocks gained while 33 declined, with 54.2 million securities valued at S$121.5 million traded.

Yangzijiang Financial led in trading volume. It increased by 1.1% or S$0.005 to S$0.46, with nine million shares traded. Singtel shares also advanced by 1.8% or S$0.06 to S$3.32, while CapitaLand Integrated Commercial Trust units increased by 1% or S$0.02 to S$1.96.

Banking stocks also traded well at Friday’s open. DBS gained 1.7% or S$0.72 to S$44.45. UOB rose 1.5% or S$0.55 to S$37.42, while OCBC advanced 1.2% or S$0.21 to S$17.25.

The local market’s positive performance aligned with overnight gains on Wall Street. The S&P 500 closed 0.5% higher or 31.86 points to 6,071.17. The Nasdaq Composite Index rose 0.3% or 49.43 points to 19,681.75, while the Dow Jones Industrial Average climbed 0.4% or 168.61 points to 44,882.13.

European stocks also closed with substantial gains, driven by real estate stocks. The pan-European Stoxx 600 index increased 0.9% to 538.84, its tenth gain in the past 12 sessions. /TISG

Read also: Singapore stocks traded higher on Tuesday—STI gained 0.8%

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