Singapore shares echo negative sentiments on Wall Street; STI down 0.5%
Yong Hui Ting
SINGAPORE shares started in negative territory on Friday (Dec 23) after both the US and European markets closed lower on fears that the Fed’s hawkish stance on inflation would continue, following optimistic US economic data on Thursday.
The benchmark Straits Times Index (STI) fell 0.5 per cent or 16.84 points to 3,252.69 points, after 26 million securities worth S$32.1 million changed hands as at 9.01 am. Decliners outnumbered advancers 74 to 26.
Sembcorp Marine was yet again the most heavily traded counter by volume, opening flat at S$0.14 with 3.8 million shares traded.
Other counters which saw brisk trading activity in the morning included Yangzijiang Financial Holding , which shed 1.4 per cent or S$0.005 to S$0.345 as 1.3 million shares changed hands, as well as index stock Genting Singapore . The latter slipped 0.5 per cent or S$0.005 to S$0.935 as at 9.01 am, as more than 2.7 million shares were traded.
On the banking side, OCBC showed a gain while UOB and DBS both opened lower during early trade. OCBC shares were up 0.2 per cent, or S$0.02, to S$12.33, while UOB fell 0.6 per cent, or S$0.20 to S$30.96. DBS shares were down 0.6 per cent, or S$0.20, to S$34.07.
In the US, stocks closed in a sea of red after data indicated a strong labour market and better-than-expected economic growth.
The Dow Jones Industrial Average closed 1.1 per cent down at 33,027.49, the S&P 500 Index lost 1.5 per cent to 3,822.39 and the tech-rich Nasdaq Composite Index plunged 2.2 per cent to 10,476.12.
European shares were also down on Thursday on fears of aggressive monetary policy tightening after better-than-expected US economic data.
The region-wide Stoxx 600 index closed 1 per cent lower after rising as much as 0.5 per cent earlier in the day.
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