Singapore shares open 0.42% down on Wednesday

SINGAPORE stocks slid on Wednesday morning, echoing similar movements in Asian markets elsewhere that were spooked by political uncertainties.

The benchmark Straits Times Index dipped 0.42 per cent, or 13.14 points, to 3,124.40 as at 9.01am.

Some 39.8 million shares worth S$70.2 million were traded. Losers beat gainers 73 to 49, or about six losers for every four gainers.

DBS and UOB were among the top losers. TIH Limited, a closed-end fund, and mosquito repellent maker Haw Par Corporation were some of the biggest gainers.

The STI's early retreat followed what other Asian markets were seeing. Equity indices in Japan, Australia and South Korea all fell after the S&P 500 Index slid for the fourth time in five sessions, Bloomberg reported.

Safe havens stayed in favour as gold and bonds climbed ahead of presidential elections in France and on escalating tensions between the US and North Korea, Reuters reported.