Singapore stocks rise at open despite Wall Street dips; STI up 0.1%

SINGAPORE stocks opened higher on Wednesday (Aug 10) despite overnight losses in the US market.

The Straits Times Index (STI) rose 0.1 per cent or 2.44 points to 3,273.42 as at 9 am. Losers outnumbered gainers 60 to 58 after 60 million securities worth S$75.7 million changed hands.

Sembcorp Marine was the most actively traded counter by volume, gaining 0.9 per cent or S$0.001 to S$0.119 after 25.1 million shares changed hands.

Shares of Mermaid Maritime were also heavily traded at the open, advancing 4.6 per cent or S$0.004 to S$0.091 with roughly 2.3 million securities traded.

The trio of local banks were mixed during early trade. DBS gained 1.1 per cent or S$0.37 to S$33.14, UOB rose 0.2 per cent or S$0.06 to S$27.26, while OCBC slipped 0.1 per cent or S$0.01 to S$12.27.

Over on Wall Street, stocks tumbled on Tuesday as tech shares tanked following earnings warnings, while investors await inflation data coming this week.

All 3 major indices opened in the red and remained there throughout the trading session.

The tech-rich Nasdaq Composite Index lost 1.2 per cent to finish at 12,493.93, pulled down after Micron Technologies became the second big chipmaker to warn of downbeat revenue due to ongoing global supply snarls, following a similar caution by Nvidia on Monday.

The Dow Jones Industrial lost 0.2 per cent to end the day at 32,774.41, while the broad-based S&P 500 fell 0.4 per cent to 4,122.47.

Upcoming US inflation data also appeared to weigh on European stocks as pan-European Stoxx 600 index fell 0.6 per cent, erasing nearly all of its gains from its best session in nearly 2 weeks seen on Monday.

Tokyo stocks extended losses on Wall Street, similarly awaiting fresh inflation data. The benchmark Nikkei 225 index dropped 0.7 per cent or 193.49 points to 27,806.47 in early trade, while the broader Topix index fell 0.5 per cent or 10.27 points to 1,926.75.

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