Singapore Stocks Open Lower as Global Markets Experience Losses
Singapore stocks began Monday trading in negative territory as markets abroad experienced losses over the weekend.
Market Performance
As at 9:01 am, the Straits Times Index (STI) inched down 0.15 point at 3,744.55. Across the broader market, losers equalled gainers at 54 after 23.2 million securities worth S$34.1 million changed hands.
Most Actively Traded Counters
Marine aquaculture specialist Oceanus was the most actively traded counter by volume. It was trading flat at S$0.006 with 4.3 million securities switching hands.
Other actively traded counters included Thai Beverage which traded flat at S$0.515 and real estate investment trust CapitaLand Integrated Commercial Trust which was up 0.5 per cent or S$0.01 at S$1.99.
Banking Stocks
Banking stocks were mostly trading down at open. OCBC climbed 0.1 per cent or S$0.01 to S$16.45 while UOB fell 0.03 per cent or S$0.01 to S$36.36 and DBS declined 0.7 per cent or S$0.29 to S$42.65.
Global Markets
Wall Street stocks finished lower on Friday after Federal Reserve Chair Jerome Powell’s comments that the Fed was in no hurry to cut rates stoked concerns that next month might not see a rate cut.
The Dow Jones Industrial Average was down 0.7 per cent to 43,444.99. The broad-based S&P 500 Index dropped 1.3 per cent to 5,870.62 and the tech-rich Nasdaq Composite Index fell 2.2 per cent to 18,680.12.
European shares closed lower on the back of disappointing earnings and fears of US President-elect Donald Trump’s policies. The pan-European Stoxx 600 index dropped 0.8 per cent to close at 503.12.
Conclusion
The Singapore stock market opened lower on Monday, tracking the losses in global markets. The market is expected to remain cautious in the short term as investors digest the impact of the global market volatility.
Frequently Asked Questions
Q: Why did the Singapore stock market open lower on Monday?
A: The Singapore stock market opened lower on Monday as markets abroad experienced losses over the weekend.
Q: Which stocks were most actively traded on Monday?
A: Oceanus was the most actively traded counter by volume, followed by Thai Beverage and CapitaLand Integrated Commercial Trust.
Q: What was the performance of the banking stocks on Monday?
A: Banking stocks were mostly trading down at open, with OCBC climbing 0.1 per cent, UOB falling 0.03 per cent, and DBS declining 0.7 per cent.
Q: What is the reason for the decline in Wall Street stocks?
A: Wall Street stocks declined due to Federal Reserve Chair Jerome Powell’s comments that the Fed was in no hurry to cut rates, stoking concerns that next month might not see a rate cut.
Q: What is the impact of the global market volatility on the Singapore stock market?
A: The Singapore stock market is expected to remain cautious in the short term as investors digest the impact of the global market volatility.
Q: Can you provide more information about the European market?
A: The European market closed lower on the back of disappointing earnings and fears of US President-elect Donald Trump’s policies. The pan-European Stoxx 600 index dropped 0.8 per cent to close at 503.12.
Q: Will the rate cut impact the Singapore economy?
A: The impact of the rate cut on the Singapore economy will depend on various factors, including the global economic outlook and the country’s monetary policy stance.
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