Singapore stocks open lower on Friday; STI down 0.3%

SINGAPORE shares fell in early trade on Friday (Mar 11), continuing the decline in global markets as fears over a protracted conflict in Ukraine put investors on edge.

The Straits Times Index (STI) dropped 0.3 per cent or 10.45 points at 3,230.28 as at 9.01 am.

Losers outnumbered gainers 64 to 55, as some 23.6 million securities worth S$41 million changed hands.

Glove manufacturer Riverstone AP4 was the top traded counter by volume in the morning with 3.6 million shares transacted. The mainboard-listed stock bucked the market trend, and rose 2.4 per cent or S$0.02 at S$0.865.

Singapore Telecommunications Z74 (Singtel) and oil and gas firm Sembcorp Marine S51 (Sembmarine) were also among the more heavily traded counters.

Some 2.5 million Singtel shares changed hands as its share price fell 0.8 per cent or S$0.02 at S$2.54.

Meanwhile, 1.8 million Sembmarine shares were traded. Its share price dropped 1.1 per cent or S$0.001 at S$0.091.

Shares of the 3 local banks also fell in tandem with the overall market in early Friday trade. DBS D05 dipped 0.3 per cent or S$0.11 at S$32.78, while UOB U11 declined 1.2 per cent or S$0.36 at S$29.60. OCBC O39 dropped 0.6 per cent or S$0.07 at S$11.65.

Worries over the Ukraine crisis had spooked global markets. IMF managing director Kristalina Georgieva warned the Washington-based crisis lender would downgrade its forecast for global growth this year due to the conflict, which has seen Western countries impose stiff sanctions on Russia in response to the invasion of its neighbour.

In addition to concerns over the Ukraine crisis, consumer prices rising at a pace not seen in more than 40 years sent major stock indices in the United States to close in the red in Thursday's trading.

The benchmark Dow Jones Industrial Average closed 0.3 per cent lower at 33,174.07. The broad-based S&P 500 lost 0.4 per cent to 4,259.52, while the tech-rich Nasdaq Composite Index fell 1 per cent to 13,129.96.

Over in the euro zone, stocks also fell on Thursday after the European Central Bank surprised markets by accelerating its exit from pandemic-related stimulus. The broader Stoxx 600 index fell 1.7 per cent.

Elsewhere in Asia, Tokyo stocks opened lower on Friday, as it tracked losses in the US.

The benchmark Nikkei 225 index was down 0.9 per cent or 221.59 points at 25,468.81 in early trade, while the broader Topix index was down 1 per cent or 18.23 points at 1,811.80.