Singapore shares fall at Friday’s open; STI down 0.6%

SINGAPORE shares began trading in negative territory on Friday (Nov 10), tracking the overnight losses on Wall Street. 

As at 9.03 am, the Straits Times Index (STI) was down 19.04 points or 0.6 per cent to 3,116.28. Losers outnumbered gainers 110 to 49 across the broader market, after 72.7 million securities worth S$60.9 million changed hands.

Property company Capital World was the top-traded counter of the morning in terms of volume, falling S$0.001 or 33.3 per cent to S$0.002 as 22.3 million of its shares were traded as at 9.05 am.

Index counters Yangzijiang Shipbuilding and Thai Beverage were briskly traded as well. The shipbuilder added S$0.01 or 0.7 per cent to S$1.48; the beverage manufacturer inched down S$0.005 or 0.9 per cent to S$0.525.

The three local banks were down in early trade, with OCBC shedding S$0.03 or 0.2 per cent to S$13.03. This was after it reported a 21.4 per cent year-on-year increase in third-quarter net profit to S$1.8 billion.

DBS fell S$0.23 or 0.7 per cent to S$33.13, and UOB lost S$0.11 or 0.4 per cent to S$27.55.

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US indices slumped at Thursday’s close after Federal Reserve chair Jerome Powell said the US central bank is prepared to hike interest rates further, if needed, to lower inflation. The Dow Jones Industrial Average dropped 0.7 per cent to 33,891.94, and the S&P 500 Index plunged 0.8 per cent to 4,347.35. The Nasdaq Composite Index tumbled 0.9 per cent to 13,521.45.

European shares were mainly boosted by AstraZeneca and Adyen on Thursday, after both companies reported strong earnings. The pan-European Stoxx 600 closed 0.8 per cent higher at 447.8, its highest level since Oct 18.