SINGAPORE equities rode the wave of risk-on sentiment after the European Central Bank announced a fresh round of economic stimulus and another interest rate cut as expected and as hopes rose for upcoming trade talks between the US and China will bear fruit.Elsewhere in the Asia-Pacific, markets were also given a boost from the dovish ECB and an increasingly hopeful lead up to US-China trade talks in October. Australia, Hong Kong and Japan were trading higher.
Shortly after the afternoon session commenced, volume on the Singapore bourse clocked in at 397.4 million securities traded and a total turnover of S$398.3 million. Both are on track to miss their respective eight-month daily averages.Across the market, advancers beat decliners 157 to 129. The bluechip index had seven of the 30 counters in trading in the red.Yangzijiang Shipbuilding shares continued to see active trading. But were trading lower after its rally this week.
The local banks were also given a lift by the risk-on sentiment. DBS Group Holdings shares gained S$0.21 or 0.8 per cent to S$25.58; OCBC Bank was nine Singapore cents or 0.5 per cent higher to S$11.10 and United Overseas Bank traded at S$26.43, up two cents or 0.1 per cent. Among non-STI counters, China Jinjiang gained three Singapore cents or 5.2 per cent to 60.5 cents on 45 million shares traded.
Boustead also saw active trading, jumping 3.5 Singapore cents or 4.8 per cent to trade at 77 cents on 24.6 million shares traded. The vast majority of the counter's turnover was down to a married trade involving 23.7 million shares at 73.5 cents.
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