Singapore shares muted at Tuesday’s open; STI up 0.03%

SINGAPORE stocks started Tuesday (Sep 19) nearly flat, tracking a more subdued performance across the US and Europe as investors anticipate the Federal Reserve’s next rate hike decision.

On the Singapore bourse, the Straits Times Index (STI) inched up 0.03 per cent or 1.03 points to 3,264.42 as at 9.01 am. Across the broader market, gainers outnumbered losers 53 to 35, after 27 million securities worth S$30.5 million changed hands.

One of the most active counters by volume was Rex International , which advanced 2.7 per cent or S$0.005 to S$0.192 with 4.1 million shares traded.

Other heavily traded securities included Seatrium , which held steady at S$0.138 with 2.8 million shares traded, as well as Singtel , which was up 0.8 per cent or S$0.02 at S$2.43.

Singapore Post climbed 4.1 per cent or S$0.02 to S$0.505, with 1.9 million shares changing hands.

The postal service provider said on Tuesday that it will introduce a significant rate increment for the first time in almost a decade. From Oct 9, standard regular mail rates will be increased by S$0.20 or 65 per cent to S$0.51 from the current S$0.31.

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Banking stocks fell in early morning trade. DBS was down 0.1 per cent or S$0.04 at S$34.19, UOB dropped 0.3 per cent or S$0.08 to S$28.82, while OCBC declined 0.2 per cent or S$0.03 to S$12.76.

Wall Street closed mostly flat on Monday, with only the S&P 500 closing 0.1 per cent higher at 4,453.53 while the Dow and Nasdaq held steady. The Dow Jones Industrial Average closed unchanged at 34,624.30, while the tech-rich Nasdaq Composite Index closed at 13,710.24.

In Europe, shares closed lower on Monday. The pan-European Stoxx 600 lost 1.1 per cent after rising close to 1.6 per cent last week.