Singapore shares fall at Wednesday’s open; STI down 1.2%

SINGAPORE shares fell at the opening bell on Wednesday (Feb 14), following overnight losses in global markets as US consumer inflation slowed less than expected. The Straits Times Index (STI) fell 1.2 per cent or 38.53 points to 3,103.34 as at 9.01 am. Across the broader market, losers outnumbered gainers 97 to 22 after 71.9 million securities worth S$108.7 million changed hands.

Seatrium was the most heavily traded counter by volume, trading flat at S$0.089 after 15.8 million securities were transacted.

Other companies that were briskly traded included Singtel , which declined 0.9 per cent or S$0.02 to S$2.31, as well as Mapletree Pan Asia Commercial Trust, which fell 2.2 per cent or S$0.03 to S$1.34.

The trio of local banks declined at the open. DBS fell 1.1 per cent or S$0.36 to S$32.13. OCBC declined 1.6 per cent or S$0.21 to S$12.74, and UOB slid 0.9 per cent or S$0.24 to S$27.98.

On Wall Street, stocks plunged on Tuesday as consumer inflation slowed less than expected in January, making quick interest rate cuts from the Federal Reserve less likely. The Dow Jones Industrial Average finished down 1.4 per cent at 38,272.75, retreating from Monday’s record. The broad-based S&P 500 fell 1.4 per cent to 4,953.17, while the tech-rich Nasdaq Composite Index dropped 1.8 per cent to 15,655.6.

In Europe, shares fell on Tuesday as traders reduced bets of early interest rate cuts after the US inflation reading. The pan-European Stoxx 600 index ended down 1 per cent at 482.83.