Singapore shares open lower on Thursday; STI down 0.3% 

SINGAPORE stocks opened lower on Thursday (Sep 1) as global markets took further beatings. 

The Straits Times Index (STI) was down 0.3 per cent or 11.07 points to 3210.6 as at 9.01 am. Losers outweighed gainers 63 to 39 after 70.6 million securities worth S$131.7 million shares changed hands.

Oceanus was the most actively traded counter in the morning with 26.4 million shares transacted. The counter was down 6.3 per cent or S$0.001 at S$0.015. Among index counters, Singtel traded 0.8 per cent or S$0.02 lower at S$2.60 after 3.2 million shares changed hands.

The trio of local banks traded lower at Thursday’s open. DBS was down 0.8 per cent or S$0.25 at S$32.35, UOB lost 0.7 per cent or S$0.18 to S$27.15, while  OCBC gained 0.5 per cent or S$0.06 to S$12.03.  

In the US, Wall Street stocks ended with losses again on Wednesday, part of a downward trend set in motion by Federal Reserve chief Jerome Powell, who last week warned there would be no respite from interest rate hikes.

The Dow Jones Industrial Average fell 0.9 per cent to finish the day at 31,510.43. The broad-based S&P 500 dropped 0.8 per cent to close at 3,955, while the tech-rich Nasdaq Composite Index slumped 0.6 per cent to 11,816.2.

European shares slipped on Wednesday, clocking declines for the month as data showed eurozone inflation in August hit another record high, while energy concerns intensified after Russia began halting gas flows to Germany via a key supply route.

The pan-European Stoxx 600 fell 1.1 per cent to new 6-week lows, carrying its losing streak to the fourth straight day.

Elsewhere in Asia, Tokyo stocks opened lower on Thursday extending US losses, with fears growing among investors that there will be no respite from Federal Reserve rate hikes aimed at tamping down inflation.

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STI falls 0.6%, taking its cue from Wall Street’s overnight losses

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The benchmark Nikkei 225 index was down 1.04 per cent or 291.67 points at 27,799.86 in early trade, while the broader Topix index slipped 0.8 per cent or 15.76 points to 1,947.4.