Singapore stocks open lower on Monday despite global market gains; STI down 0.2%

SINGAPORE stocks dipped slightly at the open on Monday (Aug 15), bucking positive trading sessions in the global markets on Friday.

The Straits Times Index (STI) slipped 0.2 per cent or 5.19 points to 3,264.08 as at 9.01 am.

Gainers outnumbered losers 85 to 56 after 81.6 million securities worth S$56.6 million changed hands.

Oceanus was the most actively traded counter in the morning with 23.2 million shares transacted. The counter dropped 5.9 per cent or S$0.001 to S$0.016.

Among index counters, ThaiBev remained unchanged at S$0.655 with 9.8 million shares traded.

The trio of local banks traded mixed at Monday’s open. UOB dipped S$0.03 or 0.1 per cent to S$27.29, DBS declined S$0.38 or 1.1 per cent to S$32.97, while OCBC rose S$0.02 or 0.2 per cent to S$12.19.

Over in the US, the main indexes closed higher on Friday, as signs that inflation may have peaked in July increased investor confidence that a bull market could be under way and spurred the S&P 500 and the Nasdaq to post their fourth straight week of gains.

The Dow Jones Industrial Average rose 424.38 points or 1.3 per cent to 33,761.05, while the S&P 500 gained 72.88 points or 1.7 per cent to 4,280.15 and the Nasdaq Composite added 267.27 points or 2.1 per cent to 13,047.19.

European shares ended on a high on Friday as traders focused on recession risks.

SEE ALSO

Stocks to watch: UOL Group, ComfortDelGro, Singpost, Dasin Retail Trust, Medtecs International

The Stoxx 600 index, up for a third straight day, notched weekly gains of 1.2 per cent as positive earnings and a softer-than-expected US inflation reading calmed nerves around aggressive rate hikes by the Federal Reserve.

Elsewhere in Asia, Tokyo shares opened higher on Monday following gains on Wall Street, where investors were hopeful that Fed rate hikes may decelerate after US economic data showed slowing inflation.

The benchmark Nikkei 225 index gained 0.6 per cent or 156.67 points to 28,703.65 in early trade, while the broader Topix index rose 0.2 per cent or 4.43 points to 1,977.61.