Singapore shares opened higher on Tuesday, extending gains from the previous session as optimism from Wall Street’s technology-led rally spilled over into regional markets.
The benchmark Straits Times Index (STI) rose 32.36 points, or 0.62%, to 5,292.17 as at 9.08am, supported by broad-based buying in banking and blue-chip counters.
Market breadth was positive, with 98 gainers outpacing 72 decliners, while a total of 92.36 million shares worth S$153.24 million changed hands in early trading.
Banking stocks led the advance, with DBS climbing 1.15% to S$67.68, while OCBC traded at S$25.89 and UOB at S$40.97. Among other heavyweight counters, Singtel stood at S$4.43, Singapore Airlines traded at S$7.73, Sembcorp Industries was at S$5.74 and SGX changed hands at S$24.02.
Investor sentiment was buoyed by a strong overnight performance on Wall Street, where renewed enthusiasm for artificial intelligence-related stocks lifted major US indices. The S&P 500 gained 0.72%, the Nasdaq Composite rose 1.12% and the Dow Jones Industrial Average added 0.29%.
Technology stocks drove the rally after Broadcom surged 3.7% on extending its custom chip partnership with Apple through 2031, reinforcing expectations that AI demand will continue to underpin earnings growth. Semiconductor shares also strengthened, with the Philadelphia Semiconductor Index advancing 2.2%.
Investors are now turning their attention to the release of the US Federal Reserve’s latest meeting minutes on Wednesday for further clues on the interest rate outlook, while the upcoming second quarter earnings season is expected to test whether strong AI-driven corporate spending can continue supporting equity markets.
