Singapore shares fall at Wednesday’s open, tracking global retreat; STI down 0.6%
Mia Pei
SINGAPORE stocks opened weaker on Wednesday (Sep 27), following overnight losses in global markets.
The Straits Times Index (STI) headed down 0.6 per cent or 18.25 points to 3,196.82 as at 9.03 am. Across the broader market, losers outnumbered gainers 75 to 33, after 72.4 million securities worth S$49.2 million changed hands.
The most active counter by volume was Seatrium , which held steady at S$0.133 with 22.6 million shares transacted.
Other heavily traded securities included Thai Beverage , which fell 0.9 per cent or S$0.005 to S$0.58 with 3.6 million shares traded, as well as Rex International, which gained 3.3 per cent or S$0.006 to S$0.189 with 2.7 million shares changing hands.
Local banking stocks all tumbled in early morning trade. DBS was trading down 0.5 per cent or S$0.16 at S$33.35. UOB declined 0.9 per cent or S$0.25 to S$28.15, while OCBC lost 0.8 per cent or S$0.10 to S$12.66.
US indices closed on Tuesday back in the red, with weak consumer data adding to the interest rate hikes. The Dow Jones Industrial Average fell 1.1 per cent to 33,618.88. The broad-based S&P 500 tumbled 1.5 per cent to 4,273.53, while the tech-rich Nasdaq Composite Index lost 1.6 per cent to 13,063.61.
European shares extended their losing streak for the fourth day on Tuesday. Surging bond yields pressured the rate-sensitive technology and real estate stocks, while worries over a faltering Chinese economy sent luxury stocks into bear market territory. The pan-European Stoxx 600 lost 0.6 per cent to close at 447.7, at a more than 11-week low.
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