Singapore Shares Open Higher, Shrug Off US Tech Slump, Oil Surge
MT Newswires10-09
Singapore shares opened higher on Friday, beating the gloom around higher oil prices and the slump in semiconductor stocks in the US markets.
The Straits Times Index edged up 17.59 points, or 0.32%, to 5,430.55, though it erased those gains in early trade.
US stocks witnessed a selloff among American chipmakers overnight amid concerns around OpenAI's revenue. Sentiment was further dampened by Brent crude oil prices climbing near $104 a barrel, driven by increasing Iranian attacks on tankers passing through the Strait of Hormuz and supply disruptions caused by a hurricane in the Gulf of Mexico.
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