Singapore: STI opens lower after weaker US markets on Friday
SINGAPORE share prices opened lower on Monday with the Straits Times Index (STI) down 0.75 points to 3,362.02 as at 9.04am, tracing losses in the US markets.
Top gainers in early trading included UOB, while top losers included its peers DBS and OCBC.
Banks have underperformed since the start of the year due to profit-taking and concerns about an economic slowdown and higher credit costs, noted a Nomura report dated March 12.
"We believe that while some of these concerns are warranted, the market has ignored the very positive impact of rising short-term interest rates. In our opinion, this is the single most important catalyst for these banks at this stage of the cycle, as it offers them significant operating leverage," the brokerage said.
Some 61.8 million shares worth S$92.6 million changed hands as at 9.04am on Monday, with losers outnumbering gainers 91 to 57.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Japan may have spent 5.5 trillion yen on Apr 29 intervention, BOJ data suggests
Singapore stocks rise, tracking regional bourses; STI up 0.3%
Asia: Markets build on Wall Street rally, yen holds bounce
Singapore shares open in the red on Tuesday; STI down 0.3%
Stocks to watch: Wilmar, MLT, FEHT, CDLHT, Starhill Global Reit, IReit Global
Europe: Stocks eke out gains after German inflation data; Deutsche Bank drops