Singapore stocks rose on Tuesday—STI climbed by 0.8%

Singapore stocks rose on Tuesday, August 6, rebounding from a global market slump where all three major Wall Street indices declined.

Singapore stocks rose on Tuesday, August 6, rebounding from a global market slump where all three major Wall Street indices declined.

The Straits Times Index climbed 0.8%, gaining 24.79 points to reach 3,268.46 as of 9:01 am, The Business Times reports.

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LifeBrandz was the most actively traded stock. Its price stayed flat at S$0.002 after about eight million shares were exchanged. Mapletree Logistics Trust saw significant activity as well, rising 1.6% or S$0.02 to S$1.31 after four million units traded.Banking stocks boosted the market’s positive start. DBS increased by 0.9% or S$0.30 to S$33.57. UOB rose 0.7% or S$0.22 to S$30.30, and OCBC climbed 1.4% or S$0.19 to S$14.21.

On Monday, US stocks saw a sharp sell-off due to economic worries and instability in overseas markets. The Dow Jones Industrial Average fell 2.6%, losing over 1,000 points to close at 38,703.27.European markets were not spared from the global downturn. The main European stock index dropped to its lowest level in over six months on Monday as worries about a slowdown in the world’s largest economy impacted global equities.

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