Singapore shares start lower on Friday; STI down 0.6%
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Yong Hui Ting
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SINGAPORE shares started Friday (Sep 23) in the red, echoing Wall Street’s market performance on Thursday as recession fears mounted following yet another aggressive move by the Fed to counter inflation.
The Straits Times Index (STI) shed 19.14 points or 0.6 per cent to 3,243.93 as at 9 am. Decliners outnumbered advancers 80 to 31 after 62.9 million securities worth S$78.1 million changed hands.
Health and beauty product manager LifeBrandz was the top traded counter by volume on Friday as its shares slipped 33.3 per cent or S$0.001 to S$0.002 after 5.3 million shares changed hands.
Marco Polo Marine also saw active trading early at the opening bell as it opened flat at S$0.041 with 2 million shares traded.
Casino operator Genting Singapore was the most active index counter by volume. The counter lost 1.2 per cent or S$0.01 to S$0.795 with 1.8 million shares changing hands.
Singapore banks began the day in a sea of red. UOB dipped S$0.28 or 1 per cent to S$27.25, DBS lost S$0.20 or 0.6 per cent to trade at S$33.32, and OCBC declined S$0.11 or 0.9 per cent to S$12.20.
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Wall Street stocks fell again on Thursday amid growing recession fears as more central banks raised interest rates following the Federal Reserve’s latest aggressive move to counter surging inflation.
The tech-rich Nasdaq Composite Index led the major indices lower, falling 1.4 per cent to 11,066.81. The Dow Jones Industrial Average shed 0.4 per cent to 30,076.68, while the broad-based S&P 500 declined 0.8 per cent to 3,757.99.
European shares slipped to a new low on Thursday as recession worries heightened after the US Federal Reserve delivered another jumbo-sized interest rate hike and signalled more in its fight against stubbornly high inflation.
The pan-European Stoxx 600 index hit its lowest since February 2021 led by rate-sensitive tech and real estate stocks which fell more than 4 per cent each, with the latter hitting over 2-year lows.
Over in Asia, the Tokyo Stock Exchange was closed to observe the Autumnal Equinox. Trading will resume on Monday.
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