Singapore Stocks Open Lower Amid Global Market Losses
Singapore stocks began Friday trading in negative territory as markets abroad mostly posted losses overnight.
STI and Market Performance
As at 9.01 am, the Straits Times Index (STI) was down 0.3 per cent or 11.83 points at 3,726.33. Across the broader market, losers outnumbered gainers 66 to 37 after 42.3 million securities worth S$65.8 million changed hands.
Actively Traded Stocks
Offshore and marine specialist Seatrium was the most actively traded counter by volume. It was down 0.5 per cent or S$0.01 at S$1.88 with 2.5 million securities switching hands.
Other actively traded counters included resort and casino operator Genting Singapore which rose 1.3 per cent or S$0.01 to S$0.775 and real estate investment trust CapitaLand Integrated Commercial Trust which traded flat at S$1.97.
Banking Stocks
Banking stocks were trading down at open. UOB fell 0.8 per cent or S$0.28 to S$35.72. DBS declined 0.7 per cent or S$0.32 to S$42.70 and OCBC dropped 0.6 per cent or S$0.10 to S$16.37.
Global Market Trends
Major Wall Street indexes closed Thursday lower after Federal Reserve chair Jerome Powell dampened investors’ hopes for an interest rate cut this year and said the US Central bank had no need to rush to ease monetary policy.
The broad-based S&P 500 Index fell 0.6 per cent to 5,949.17 and the tech-rich Nasdaq Composite Index slipped 0.6 per cent to 19,107.65. The Dow Jones Industrial Average was down 0.5 per cent at 43,750.86.
European Market Performance
In Europe, strong showings from tech and energy sectors and positive earnings results boosted the pan-European Stoxx 600 Index. It climbed 1.1 per cent to 507.03 points but stood near a three-month low, having fallen in the prior two sessions.
Conclusion
Singapore stocks opened lower on Friday, following a weak performance in global markets overnight. The STI declined 0.3 per cent, with banking and offshore and marine stocks among the losers. Despite gains in the tech and energy sectors, the European Stoxx 600 Index closed near a three-month low.
FAQs
Q: What was the performance of the Straits Times Index (STI) at the open?
A: The STI was down 0.3 per cent or 11.83 points at 3,726.33.
Q: Which stock was the most actively traded counter by volume?
A: Offshore and marine specialist Seatrium was the most actively traded counter by volume.
Q: How did the major Wall Street indexes perform overnight?
A: The broad-based S&P 500 Index fell 0.6 per cent to 5,949.17, the tech-rich Nasdaq Composite Index slipped 0.6 per cent to 19,107.65, and the Dow Jones Industrial Average was down 0.5 per cent at 43,750.86.
Q: How did the pan-European Stoxx 600 Index perform?
A: The Stoxx 600 Index climbed 1.1 per cent to 507.03 points but stood near a three-month low, having fallen in the prior two sessions.
Q: Who is Federal Reserve chair Jerome Powell?
A: Jerome Powell is the current Chairman of the Federal Reserve, the central bank of the United States.
Q: Why did the Federal Reserve not cut interest rates?
A: According to Jerome Powell, the Federal Reserve has no need to rush to ease monetary policy and cut interest rates, citing a strong economy and stable inflation levels.
