Singapore shares open 0.39% lower on Friday

SINGAPORE stocks fell early Friday following overnight declines in the US markets, with the Straits Times Index shedding 11 points, or 0.39 per cent, to 2,829.90 as at 9.08am.

Gainers and losers were evenly matched at 68 up versus 65 down after 174.1 million shares worth S$134 million had been traded.

The three banks lost ground a day after Moody's Investors Service downgraded its outlook for the sector to "negative" from "stable" amid expectations of a challenging year ahead.

DBS Group slipped 0.78 per cent, or 12 Singapore cents, to change hands at S$15.26, while United Overseas Bank retreated by 0.74 per cent, or 14 Singapore cents, to S$18.73. OCBC Bank eased 0.45 per cent, or four Singapore cents, to trade at S$8.80.