Singapore shares edge lower at Monday's open; STI down 0.1%

SINGAPORE shares started the week slightly lower as hospitality-related stocks opened weaker after four more workers at Changi Airport tested positive for Covid-19.

There are currently eight people linked to the Changi Airport cluster.

On the Singapore bourse, the Straits Times Index (STI) edged down 0.1 per cent or 1.82 points to 3,198.44 as at 9.02am. Losers outnumbered gainers 94 to 53, after 93.4 million securities worth S$69.8 million changed hands.

One of the most active counters by volume was Genting Singapore, which dropped 1.2 per cent or S$0.01 to S$0.84, with 12 million shares changing hands.

Other heavily traded securities included mm2 Asia, which was flat at 6.3 Singapore cents, with 4.1 million shares traded, as well as Sembcorp Marine, which rose 1 per cent or 0.2 Singapore cent to 20 cents, with four million shares traded.

Banking stocks were mixed in early trade. DBS was flat at S$29.86, UOB was up 0.2 per cent or S$0.06 to S$26.64, while OCBC gained 0.1 per cent or S$0.01 to S$12.57. The three local banks beat analyst expectations on stronger fee income and lower credit costs, following a pandemic-struck 2020.

Other active index counters include Singapore Airlines, which slid 0.4 per cent or S$0.02 to S$4.93, as well as Singtel, which declined 0.8 per cent or S$0.02 to S$2.43.

The US saw the Dow and S&P 500 hit record closing highs on Friday, while registering gains for the week. Meanwhile, the Nasdaq recovered after US jobs data eased concerns over prospects for rising rates.

The Dow rose 0.7 per cent to 34,777.76, the S&P 500 gained 0.7 per cent to 4,232.6 and the Nasdaq Composite added 0.9 per cent to 13,752.24.

Elsewhere in Asia, Tokyo stocks started the week higher, supported by Wall Street rallies. The benchmark Nikkei 225 index rose 0.3 per cent or 76.15 points at 29,433.97 in early trade, while the broader Topix index gained 0.3 per cent or 5.23 points at 1,938.28.