Singapore stocks dip at Wednesday’s open; STI down 0.1%

SINGAPORE stocks started Wednesday (Nov 16) slightly weaker, tracking Wall Street’s retreat late Tuesday following reports of a missile strike in Poland.

As at 9.01 am, the Straits Times Index (STI) dipped 0.1 per cent or 2.44 points to 3,272.84. Gainers outnumbered losers 74 to 35 after 25 million securities worth S$45.3 million changed hands.

ComfortDelGro was the top-traded counter by volume, shedding 1.5 per cent or S$0.02 to S$1.28 with 5.2 million shares traded. The transport operator continued to see brisk trading after its third quarter results were announced on Monday.

Sembcorp Marine was also heavily traded at the open, with 2.8 million shares traded. The counter remained unchanged at S$0.132. The offshore and marine giant on Tuesday lowered its second half guidance compared to its expectations just three months ago, citing a “one-off” uptick in labour costs, lower-than-anticipated improvements in repairs and upgrades works, plus delays in securing some projects.

Thomson Medical gained 1.3 per cent or S$0.001 to S$0.08 after two million of its shares were transacted.

The trio of local banks were mixed in early trade. UOB gained 0.2 per cent or S$0.05 to S$30.05, while OCBC dipped 0.2 per cent or S$0.02 to S$12.45. Meanwhile, DBS traded flat at S$35.18.

In the US, Wall Street closed higher on Tuesday as investors were upbeat about further signs US inflation is slowing and amid good earnings reports, but retreated from the day’s high after reports of the missile strike.

The Dow Jones Industrial Average edged up 0.2 per cent to finish the session at 33,592.92. The broad-based S&P 500 gained 0.9 per cent to 3,991.73, while the tech-rich Nasdaq Composite Index increased 1.5 per cent to close at 11,358.41.

In Europe, the Stoxx 600 index closed higher on Tuesday, boosted by gains in technology and commodity stocks after softer-than-expected US inflation data bolstered hopes of less-aggressive Federal Reserve interest rate hikes in the coming months.

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The continent-wide index rose 0.4 per cent to 434.44.

Elsewhere in Asia, Tokyo stocks edged down at Wednesday’s open after rallies on Wall Street were curbed by geopolitical risks linked to the war in Ukraine.

The benchmark Nikkei 225 index was down 0.04 per cent or 10.03 points at 27,980.14 in early trade, while the broader Topix index slipped 0.1 per cent or 2.05 points to 1,962.17.