Singapore shares opened marginally higher on Thursday, driven by gains in U.S. equity futures after US-based computer memory chip maker Micron Technology's stronger-than-expected sales forecast boosted investor confidence in the AI-driven market rally.
The Straits Times Index (STI), a key benchmark for the Singapore Exchange, rose 0.05%, or 2.96 points, to open at 5,218.950.
Micron Technology expects revenue to be around $50 billion in the fiscal fourth quarter, with diluted earnings per share of $30.73. Gross margin is expected to be around 86%.
Other key Asian Pacific markets were also up in Thursday morning trade, taking cues from Micron Technology's record fiscal Q3 results and even stronger outlook for Q4. The markets of Japan, South Korea, Taiwan, New Zealand, and Malaysia started the day on a positive note.
In other news, U.S. Secretary of State Marco Rubio said Wednesday that Iran would not be allowed to charge tolls on ships transiting through the Strait of Hormuz under any final deal with Washington, as technical talks are scheduled to resume in Geneva next week.
Meanwhile, Iranian Parliament Speaker Mohammad Bagher Ghalibaf said Tehran was not forced into signing the U.S.-Iran memorandum of understanding, which aims to permanently bring the conflict to an end.