Singapore stocks fall slightly at Thursday's open; STI down 0.1%

SINGAPORE shares opened slightly lower on Thursday (Mar 24), tracking losses on Wall Street.

The Straits Times Index (STI) lost 0.1 per cent or 4.26 points to 3,360 as at 9.03 am. Gainers outnumbered losers 70 to 69, after 78.2 million securities worth S$68.5 million changed hands.

The most actively traded counter by volume was Disa , which saw 10.5 million of its shares worth S$40,000 traded in the morning. Its shares were flat at S$0.004.

Olam Group was also actively traded, with 2.5 million shares worth S$4.3 million changing hands. The counter was down S$0.11 or 5.9 per cent at S$1.76.

On Thursday, the group's food ingredients unit OFI said it no longer expects its planned initial public offering to take place in the second quarter of 2022, citing current market conditions because of the ongoing conflict in Ukraine.

Among index stocks, Thai Beverage saw brisk trading, with 10.1 million shares worth S$7.1 million changing hands. Its shares were up S$0.02 or 2.9 per cent at S$0.705.

The trio of local banks were mixed in early trade. DBS lost S$0.07 or 0.2 per cent to S$35.11, UOB fell S$0.16 or 0.5 per cent to S$31.74, while OCBC was up S$0.02 or 0.2 per cent to S$12.22.

In the US, rising concerns about a US "soft landing" amid increasingly aggressive comments from Federal Reserve officials, sent stocks lower on Wednesday in a choppy week of trading, with a new surge in oil prices adding to the negative sentiment.

The Dow Jones Industrial Average and the tech-rich Nasdaq Composite Index each dropped about 1.3 per cent, closing at 34,358.5 and 13,922.6, respectively, while the broad-based S&P 500 fell 1.2 per cent to finish at 4,456.24.

Meanwhile, European shares fell 1 per cent on Wednesday, reversing course after hitting 1-month highs earlier in the session as a jump in oil prices added to lingering concerns over the economic impact of the Ukraine crisis and as traders took profits.

The pan-European Stoxx 600 index fell 1.0 per cent, breaking its 5-day winning streak, with financial stocks leading losses.

Elsewhere in Asia, Tokyo stocks opened lower on Thursday after falls on Wall Street as concerns grew over inflation amid surging oil prices.

The benchmark Nikkei 225 index was down 1.3 per cent or 355.28 points at 27,684.88 in early trade, while the broader Topix index dropped 1 per cent or 20.01 points to 1,958.69.