Singapore shares open higher on Tuesday; STI up 0.6%

SINGAPORE stocks rose in early trade on Tuesday (Feb 4) after US President Donald Trump delayed the start of tariffs on Mexico and Canada for a month.

At the opening bell, the Straits Times Index (STI) opened 0.6 per cent or 23.27 points higher at 3,849.74. Across the broader market, gainers outnumbered losers 87 to 41 after 32.2 million securities worth S$71.2 million changed hands.

Among the actively traded counters by volume was China Kunda Technology, which manufactures and sells plastic injection parts. The counter was down 5.9 per cent or S$0.001 at S$0.016, after 1.7 million shares changed hands.

Singtel shares were up 1.6 per cent or S$0.05 at S$3.27, while those of Yangzijiang Shipbuilding rose 1.3 per cent or S$0.04 to S$3.07.

Local banking stocks were trading up at the open. DBS gained 1.3 per cent or S$0.59 to S$44.90. UOB edged up 0.8 per cent or S$0.30 to S$37.62. OCBC rose 0.9 per cent or S$0.15 to S$17.41.

Wall Street stocks ended lower on Monday after Trump announced tariffs on Canada, Mexico and China. The Dow Jones Industrial Average fell 0.3 per cent to 44,421.91, while the broad-based S&P 500 fell 0.8 per cent to 5,994.57. The tech-rich Nasdaq Composite Index shed 1.2 per cent to 19,391.96.

In Europe, shares also retreated as automakers declined and investors were wary that Trump’s latest tariffs could spark a broader trade war. The export-heavy Stoxx 600 index fell 0.9 per cent to 534.85.