Singapore shares fall at Monday’s open; STI down 0.7%
Michelle Zhu
SINGAPORE shares started Monday (Nov 18) in negative territory, in contrast to global equities which rallied to close the prior week higher on optimism over rate cuts.
The Straits Times Index (STI) was down 21.82 points or 0.7 per cent to 3,094.69 as at 9.01 am. Across the broader market, losers outnumbered gainers 86 to 59 with 85.7 million securities worth S$91.2 million changing hands.
Seatrium was the most active counter in terms of volume, rising S$0.001 or 0.9 per cent to S$0.108 with 12.4 million securities transacted.
Medical technology companies Biolidics and Medtecs International were briskly traded as well. Biolidics advanced S$0.002 or 13.3 per cent to S$0.017, while Medtecs International added S$0.015 or 7.5 per cent to S$0.215.
Local banks were mixed at the open, with DBS being the sole gainer as the lender added S$0.02 or 0.1 per cent to S$31.08. OCBC fell S$0.08 or 0.7 per cent to S$12.29, and UOB lost S$0.36 or 1.3 per cent to S$27.46.
Wall Street equities ended the week mostly higher amid easing US monetary policy and moderating inflation.
The Dow Jones Industrial Average hit a third straight record to finish Friday 0.2 per cent higher at 37,305.16, while the tech-rich Nasdaq Composite Index won 0.4 per cent to 14,813.92. The broad-based S&P 500 was essentially flat at 4,719.19.
European shares inched up on the final day of the week as well, as the US Federal Reserve set the tone for market expectations about interest rate cuts being on the horizon.
The pan-European Stoxx 600 edged 0.01 per cent higher to 476.61 on Friday to conclude its longest weekly winning streak since April.
Copyright SPH Media. All rights reserved.
