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

SINGAPORE stocks opened lower on Monday. The benchmark Straits Times Index (STI) fell 0.2 per cent or 4.9 points to 3,189.14 as at 9.01am. Gainers outnumbered losers 92 to 46 after 71.5 million securities worth S$57.3 million changed hands.

Myanmar-based company Yoma Strategic led the day with 7.2 million shares worth S$1.1 million trading as at 9.02am. The counter rose 7 per cent or one Singapore cent to 15.3 cents.

Malaysian property developer Aspen (Group) was also among the top traded securities, with 5.2 million shares worth S$1.1 million changing hands within the same amount of time. The counter fell 8.7 per cent or S$0.02 to S$0.21 cents.

Among the index counters, Yangzijiang Shipbuilding was the top gainer, rising 1.4 per cent or S$0.02 to S$1.43 as at 9.04am. Meanwhile Jardine Matheson fell 2.3 per cent or US$1.49 to US$63.99, making it the top loser.

The trio of local banks traded lower on Monday morning. As at 9.03am, DBS fell 0.4 per cent or S$0.11 to S$28.84, UOB lost 0.5 per cent or S$0.12 to S$26.23, and OCBC slipped 0.1 per cent or S$0.01 to S$11.94.

Over on Wall Street, stocks rose on Friday to finish a volatile week on a positive note following strong new home sales data. The broad-based S&P 500 advanced 1.1 per cent to 4,180.17, the tech-rich Nasdaq Composite Index gained 1.4 per cent to 14,016.81, while the benchmark Dow Jones Industrial Average finished up 0.7 per cent at 34,043.49.

European stocks marked their first weekly loss in eight on Friday as a surge in global coronavirus cases offset optimism about a strong earnings season. The pan-European Stoxx 600 slipped 0.2 per cent and was on course for a 0.8 per cent weekly drop. Defensive plays such as the healthcare sector and consumer stocks were among the biggest decliners, while surging commodity prices lifted miners.

Elsewhere in Asia, Tokyo stocks opened nearly flat Monday as investors assess the impact of a virus state of emergency in Japan, while embracing rallies on Wall Street. The benchmark Nikkei 225 index was off 0.1 per cent or 30.13 points to 28,990.50 in early trade, while the broader Topix index rose 0.4 per cent or 7.64 points to 1,922.62.