Singapore shares fall at Tuesday’s open; STI down 0.8%

SINGAPORE shares struggled to advance at Tuesday’s (Nov 7) open as banks and other index counters started the morning trading session in the red.

On the Singapore bourse, the Straits Times Index (STI) headed down 0.8 per cent or 25.63 points to 3,154.90 as at 9.02 am. Across the broader market, losers outnumbered gainers 89 to 49, after 83.6 million securities worth S$56 million changed hands.

The most active counter by volume was Seatrium , which lost 0.9 per cent or S$0.001 to S$0.111 with 34.3 million shares traded.

Other heavily traded securities included Genting Singapore , which declined 1.7 per cent or S$0.015 to S$0.87 with 4.5 million shares traded, and First Real Estate Investment Trust , which was up 2.1 per cent or S$0.005 to S$0.24.

Banking stocks fell in early morning trade. DBS slid 0.3 per cent or S$0.09 to S$33.66, UOB was down 0.8 per cent or S$0.22 to S$27.78, and OCBC dropped 0.8 per cent or S$0.11 to S$13.04.

Other active index counters included Mapletree Logistics Trust , which lost 1.9 per cent or S$0.03 in early trading to reach S$1.55, and CapitaLand Investment , which traded 1.3 per cent or S$0.04 lower at S$3.09.

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Wall Street stocks closed slightly higher on Monday as concerns of further interest rate hikes continued to ease. The Dow Jones Industrial Average edged up 0.1 per cent to close at 34,095.86.

The broad-based S&P 500 rose 0.2 per cent to 4,365.98, and the tech-heavy Nasdaq Composite Index finished 0.3 per cent higher at 13,518.78.

European shares slipped on Monday as real estate stocks lost steam. The pan-European Stoxx 600 index ended 0.2 per cent lower at 443.52.