Singapore shares decline at Monday’s open; STI down 0.2%

SINGAPORE stocks opened weaker on Monday (Dec 12), tracking Wall Street declines last Friday.

The Straits Times Index (STI) fell 0.2 per cent or 6.12 points to 3,239.85 as at 9.01 am. Gainers and losers were on par with 62 counters on each side, after 37.7 million shares worth S$51.5 million changed hands.

Marco Polo Marine was the top traded counter by volume with 3.6 million shares traded, but remained flat at S$0.043. Watch-listed Eneco Energy was the runner-up by volume with 3.2 million shares traded, gaining 9.1 per cent or S$0.001 to S$0.012 as at 9.01 am.

Among index counters, Singtel saw 2.3 million shares changing hands, and fell 1.1 per cent or S$0.03 to S$2.61.

Banking stocks fell in early morning trade. DBS fell 0.5 per cent or S$0.16 to S$33.23, UOB declined 0.2 per cent or S$0.05 to S$31, and OCBC dipped 0.3 per cent or S$0.04 to S$12.26 as at 9.01 am.

US stocks ended lower last Friday as investors assessed economic data and awaited a potential 50-basis point interest rate hike by the US Federal Reserve at its policy meeting this week. 

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Singapore stocks rise as Asian markets close higher on Friday; STI up 0.3 per cent

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The S&P 500 declined 0.7 per cent to end the session at 3,934.38 points. The Nasdaq declined 0.7 per cent to 11,004.62 points, while Dow Jones Industrial Average declined 0.9 per cent to 33,476.46 points.

Meanwhile, shares in Europe rose Friday as industrial and financial stocks gained on China-led optimism, but recession worries ahead of a slew of central bank decisions dragged the region-wide Stoxx 600 index to a weekly loss after a seven-week rally.

The Stoxx 600 closed 0.8 per cent higher, snapping a five-day losing streak that was largely driven by concerns about an impending global recession due to sharp interest rate hikes by central banks.