Singapore Stocks Open Lower as Global Markets React to Fed’s Hawkish Pivot
The Straits Times Index (STI) fell 18.92 points or 0.5 per cent to 3,743.96 as at 9.01 am, following a downbeat session on Wall Street.
Local Market
Across the broader market, losers outnumbered gainers 73 to 33, with 30.8 million securities worth S$49.9 million transacted.
Most Heavily Traded Counters
Among the most heavily traded counters was Genting Singapore, with 3.3 million shares changing hands. The counter fell S$0.005 or 0.7 per cent to S$0.745.
Another stock that was actively traded was Seatrium. Its share price was unchanged at S$1.95.
Local Banking Counters
The local banking counters were all in negative territory. DBS shed S$0.09 or 0.2 per cent to S$43.31, OCBC fell S$0.14 or 0.8 per cent to S$16.54, and UOB declined S$0.39 or 1.1 per cent to S$36.15.
Global Markets
Overnight, Wall Street stocks finished little changed as Treasury bond yields climbed further in the wake of a Federal Reserve decision that prompted deep selling in the prior session.
The rebound in US indices in early trade lost steam as the yield on the 10-year US Treasury note rose above 4.5 per cent.
European Markets
Europe equities fell, with the benchmark Stoxx logging its biggest single-day drop since early November as investors fled riskier assets after the Fed’s more hawkish stance.
Conclusion
The Singapore stock market opened lower on Friday, following a downbeat session on Wall Street, as the US Federal Reserve’s hawkish pivot continued to weigh on sentiment. The local banking counters were also in negative territory, while the most heavily traded counters, including Genting Singapore and Seatrium, saw mixed performance.
FAQs
Q: What was the performance of the Straits Times Index (STI) on Friday?
A: The STI fell 18.92 points or 0.5 per cent to 3,743.96 as at 9.01 am.
Q: Which counters were most heavily traded?
A: Genting Singapore and Seatrium were among the most heavily traded counters.
Q: How did the local banking counters perform?
A: The local banking counters, including DBS, OCBC, and UOB, were all in negative territory.
Q: What happened in global markets?
A: Wall Street stocks finished little changed, while European markets fell, with the benchmark Stoxx logging its biggest single-day drop since early November.
