Singapore stocks fall at Monday's open; STI down 0.2%

SINGAPORE shares started the week lower on Monday (Feb 21), tracking losses on Wall Street.

The Straits Times Index (STI) fell 0.2 per cent or 7.35 points to 3,421.55 as at 9.04 am. Losers outnumbered gainers 78 to 53, after 37.1 million securities worth S$44.9 million changed hands.

The most actively traded counter by volume was DiSa 532 , which saw 3.8 million of its shares worth S$20,000 traded in the morning. Its shares gained S$0.001 or 25 per cent to S$0.005.

Golden Energy and Resources (Gear) AUE was also actively traded, with 1.2 million shares worth S$410,000 changing hands. The counter was down S$0.025 or 6.8 per cent at S$0.345.

Gear on Friday said it reversed into the black for the 6 months ended Dec 31, 2021 on the back of stronger revenue. It posted revenue growth of 87 per cent on year, which brought net profit to US$85.2 million, up from a loss of US$8.4 million in the year-ago period.

Among index stocks, Singtel Z74 saw brisk trading, with 1.2 million shares worth S$3.1 million changing hands. Its shares were flat at S$2.55.

The trio of local banks were down in early trade. DBS D05 lost S$0.09 or 0.3 per cent to S$36.36, UOB U11 fell S$0.20 or 0.6 per cent to S$32.37, while OCBC O39 was down S$0.02 or 0.2 per cent at S$13.25.

In the US, stock indices closed lower on Friday amid the ongoing stand-off between Russia and Ukraine as well as solidifying expectations of a Federal Reserve rate increase next month.

The benchmark Dow Jones Industrial Average ended 0.7 per cent lower at 34,079.18, and the broad-based S&P 500 also fell 0.7 per cent to 4,348.87, while the tech-rich Nasdaq Composite Index lost 1.2 per cent to end at 13,548.07.

Meanwhile, Russia-exposed European stocks have been under pressure for weeks amid fears Russia could invade Ukraine and the stand-off has triggered volatility across the European stock market.

The pan-European Stoxx 600 index fell 0.8 per cent to 460.81 and dropped 1.9 per cent to for the week with travel and banking shares the top weekly losers.

Elsewhere in Asia, Tokyo stocks opened lower on Monday as worries lingered over Ukraine tensions and US rate-hike plans.

The benchmark Nikkei 225 index was down 1.4 per cent or 378.09 points at 26,743.98, while the broader Topix index slipped 1.2 per cent or 23.93 points to 1,900.38.