SINGAPORE (Nov 24): Singapore shares opened higher as risk appetite got a boost from China's surprise interest rate cuts last Friday.

Following the move by the People's Bank of China, its first since July 2012, three of the world's major central banks - including Bank of Japan and the European Central Bank - have deployed fresh stimulus to support their respective economies.

"In taking to interest rate cuts, the PBOC was clearly wary of the high borrowing costs faced by businesses, as well as the soft economic data going into the fourth quarter of 2014," UOB economist Suan Teck Kin said in a note today.

At 10:15am (0215 GMT), gainers in Singapore outnumbered decliners by two to one.

The Straits Times Index was 0.2% higher at 3,352.33.

ST Engineering rose 2.1% to $3.41.

The defence and engineering group unveiled new appointments last Friday to its leadership team amid a slowdown in its core aviation business, which is being hit by weaker economic conditions in Europe and reduced travel demand caused by the Ebola scare.

Among decliners, Biosensors International Group  fell 2.6% to 57 cents.

CIMB downgraded the heart-stent maker to "reduce" and cut its price target to 53 cents from 66 cents, citing concerns about its near-term growth outlook.

Penny stocks were among the most active counters in the market, led by GSH (up 1.3% to eight cents), OLS (down 7.1% to 1.3 cents), Magnus Energy (down 11.1% to 0.8 cent) and Samko Timber(up 10% to 11 cents).