Singapore shares open lower on Wednesday

SINGAPORE stocks opened lower on Wednesday, with the Straits Times Index retreating 8.22 points or 0.2 per cent to 3,541.99 as at 9.03 am, in line with stock markets worldwide.

About 100.8 million shares worth S$120.7 million in total changed hands, which worked out to an average unit price of S$1.20 per share.

The most actively traded counter was ThaiBev, which fell 0.5 Singapore cent to 93.5 Singapore cents with 29.83 million shares changing hands. Other actives included precision manufacturing company JEP with 5.11 million shares traded at 6.2 Singapore cents a share, up 3.33 per cent, and Cosco Shipping with 3.45 million at 48.5 Singapore cents apiece, down 2.02 per cent.

Losers outnumbered gainers 80 to 71, or about nine down for every eight up.

In US stocks overnight, Wall Street closed lower on Tuesday after hitting an intraday record high, with a dip in oil prices weighing on investor enthusiasm.

The Dow finished flat on Tuesday at 25,792.86, the broader S&P 500 fell 0.4 per cent to 2,776.42, and the tech-heavy Nasdaq suffered the heaviest losses, falling 0.5 per cent to 7,223.69, according to AFP reporting.

Australian shares slumped to their lowest in more than four weeks on Wednesday, on track for a second straight session of losses due to weak base metal prices, while Japan's Nikkei opened lower in early trading.