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Singapore shares open 22 points lower on Tuesday

Tuesday, June 28, 2016 - 09:22
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SHARES on the Singapore bourse opened lower on Tuesday with the benchmark Straits Times Index (STI) down 21.69 points at 2,708.16 as at 9.02am.

Some 58 million shares worth S$82 million were traded with 82 counters down and 41 up.

The local bourse is taking the cue from overnight Monday losses on Wall Street as Brexit shockwaves continue to spook global markets.

Based on Monday's close, KGI Fraser Securities said the STI is currently trading at 11-12 times earnings multiples, below its eight-year average of 12.4 times and well below its post-global financial crisis peak of 16 times in 2015.

The STI is trading at 1.1 times price to book (also below its eight-year average) and supported by a 4 per cent dividend yield - one of the highest in the region - which may provide some support, said KGI.