Singapore shares edge down at open on global recession fears; STI down 0.1%
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Vivienne Tay
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SINGAPORE stocks started the week in slightly negative territory, tracking losses on global markets as recession fears and worries of further rate hikes weighed on investor optimism.
On the Singapore bourse, the Straits Times Index headed down 0.1 per cent or 2.2 points to 3,266.09 as at 9.02 am. Gainers outnumbered losers 75 to 47, after 41.2 million securities worth S$64.7 million changed hands.
The most active counter by volume was Sembcorp Marine , which held steady at S$0.113, with 5.5 million shares changing hands.
Other heavily traded securities included Wilmar International , which gained 0.3 per cent or S$0.01 to S$3.99, with 3.1 million shares traded, and CapitaLand Integrated Commercial Trust , which remained unchanged at S$2.07 with 2 million shares traded.
Banking stocks were mixed in early morning trade. DBS was down 0.1 per cent or S$0.04 to S$33.51, UOB increased 0.2 per cent or S$0.05 to S$27.24, while OCBC slid 0.3 per cent or S$0.04 to S$12.31.
Other active index counters included Keppel DC Reit which was up 1 per cent or S$0.02 to S$1.98 and Yangzijiang Shipbuilding which lost 1 per cent or S$0.01 to S$1.02.
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European shares slid 1.6 per cent on Friday as recession warnings from 2 major global financial institutions spooked investors.
The declines sent the Stoxx 600 to its worst week in 3 months, down 2.9 per cent. Other than real estate stocks, all major sectoral indexes were in the red, dragged down by industrials, healthcare and financials.
The US Federal Reserve and Bank of England are widely expected to ramp up borrowing costs this week.
On Wall Street, the broad-based S&P 500 finished 0.7 per cent lower at 3,873.33, down nearly 5 per cent for the week. The Dow Jones Industrial Average declined 0.5 per cent to 30,822.42, while the tech-rich Nasdaq Composite closed 0.9 per cent lower at 11,448.40.
Elsewhere in Asia, financial markets in Japan were closed for a public holiday on Monday.
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