Singapore shares fall at Monday’s open, tracking global sell-off; STI down 0.1%

SINGAPORE stocks opened weaker on Monday (Oct 23), following overnight losses in global markets as the Middle East conflict intensified.

The Straits Times Index (STI) headed down 0.1 per cent or 2.2 points to 3,074.49 as at 9.02 am. Across the broader market, losers outnumbered gainers 69 to 45 after 33.2 million securities worth S$44.7 million changed hands.

The most active counter by volume was Seatrium , which held steady at S$0.117 with 4.5 million shares changing hands.

Other heavily traded securities included Yangzijiang Shipbuilding , which fell 2.1 per cent or S$0.03 to S$1.40 after 4.2 million shares were transacted, as well as Frasers Logistics and Commercial Trust , which gained 1 per cent or S$0.01 to S$1.02 after 1.9 million units changed hands.

Local banking stocks all fell in early morning trade. UOB lost 0.5 per cent or S$0.13 to S$27.63. DBS was trading down 0.1 per cent or S$0.02 at S$33.06, while OCBC declined 0.4 per cent or S$0.05 to S$12.74.

US indices closed lower on Friday, dragged by technology and financial shares, as worries over the Israel-Hamas conflict and interest rate hikes continued spreading. The broad-based S&P 500 lost 54.48 points or 1.3 per cent to end at 4,223.52 points, while the Nasdaq Composite lost 202.46 points or 1.5 per cent to 12,983.81. The Dow Jones Industrial Average fell 291.83 points or 0.9 per cent to 33,122.34.

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European shares, pressured by the Middle East conflict, rising government bond yields and disappointing earnings, posted the biggest weekly loss in seven months. The pan-European Stoxx 600 was down 1.4 per cent at 433.73.