Singapore shares open lower on macroeconomic concerns

SINGAPORE share prices opened lower on Tuesday with the Straits Times Index down by 11.96 points or 0.43 per cent to 2,773.47 points as at 9.01am, after US stocks slid overnight for the third day in a row and oil prices weakened over macroeconomic concerns.

Investors are spooked by the prospects of the UK exiting the European Union, the economic impact of a potential interest rate hike in the US and renewed demand concerns out of China.

The Dow Jones Industrial Average closed down by 132.86 points, or 0.7 per cent, to 17,732.48.

Brent crude oil futures settled lower by 19 cents, or 0.4 per cent, at US$50.35.

US crude ended 19 cents, or 0.4 per cent, lower at US$48.88.

Some 98.9 million shares worth S$60.7 million changed hands, with losers outnumbering gainers 75 to 40.