Singapore shares slip at Tuesday’s open as global selloff continues; STI down 0.3%

SINGAPORE stocks opened weaker on Tuesday (Sep 27) following overnight losses on Wall Street as major global indices plunged to new lows, although regional markets opened higher on bargain-hunting.

On the Singapore bourse, Straits Times Index headed down 0.3 per cent or 8.05 points to 3,173.92 as at 9.03 am. Losers outnumbered gainers 65 to 56, after 31 million securities worth S$67.3 million changed hands.

The most active counter by volume was Frasers Logistics & Commercial Trust , which rose 0.8 per cent or S$0.01 to S$1.29, with 1.6 million shares traded.

Other heavily traded securities included Sembcorp Marine , which slid 1.9 per cent or S$0.002 to S$0.105, with 1.5 million shares traded, as well as Singtel , which was down 0.4 per cent S$0.01 to S$2.63, 1.4 million shares traded.

Banking stocks fell in early morning trade. DBS declined 0.5 per cent or S$0.17 to S$33.02, UOB shed 0.8 per cent or S$0.21 to S$26.62, while OCBC dropped 0.2 per cent to S$11.92.

Other active index counters included Singapore Airlines , which rose 0.8 per cent or S$0.04 to S$5.21, and SATS , which fell 1 per cent or S$0.04 to S$3.86.

In the US, stocks tumbled for another session as major indices slumped to their lowest level of 2022 amid market fallout from central bank policy measures to tackle inflation. After last week’s rout, US indices climbed early in the session before falling.

The Dow Jones Industrial Average closed 1.1 per cent lower at 29,260.81. The broad-based S&P 600 lost 1 per cent to 3,655.04, while the tech-rich Nasdaq Composite Index slipped 0.6 per cent to 10,802.92.

European shares ended mostly lower, with the Stoxx 600 index fell 0.4 per cent, closing near December 2020 lows following a sharp retreat last week as investors cut risks following central bank tightening measures.

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Shares in Italy, however, outperformed its European peers on Monday after the right-wing coalition led by Giorgia Meloni overwhelmingly won the national election.

Elsewhere in Asia, Tokyo stocks opened higher on Tuesday as investors bargain-hunted. The benchmark Nikkei 225 index gained 0.5 per cent at 26,574.95 in early trade, while the broader Topix index rose 0.4 per cent at 1,871.75.