Singapore shares open lower on Monday; STI down 0.2%

SINGAPORE stocks fell on Monday (Sep 25), after Wall Street and Europe closed lower the week before, amid concerns over prolonged elevated global interest rates.

As at 9.01 am, the Straits Times Index (STI) dropped 5.7 points or 0.2 per cent to 3,199.12. Across the broader market, losers outnumbered gainers 43 to 35, with 35.4 million securities worth S$28.1 million changing hands.

One of the most active counters by volume was Asiatic Group , which rose S$0.001 or 50 per cent to S$0.003 with 3.5 million securities transacted.

Genting Singapore also experienced heavy trade. It fell S$0.005 or 0.6 per cent to S$0.845.

Raffles Education was also briskly traded. The counter gained S$0.002 or 3.3 per cent to S$0.063.

Banking stocks were mixed in early morning trade. DBS fell S$0.09 or 0.3 per cent to S$33.16, UOB slipped S$0.01 or 0.04 per cent to S$28.21, while OCBC rose S$0.02 or 0.2 per cent to S$12.63.

Globally, Wall Street stocks edged lower last Friday, extending a losing streak as markets continued to anticipate a period of persistently elevated interest rates.

The broad-based S&P 500 finished at 4,320.06, down 0.2 per cent for the day and 2.9 per cent for the week. The Dow Jones Industrial Average dropped 0.3 per cent to 33,963.84, while the tech-rich Nasdaq Composite Index lost 0.1 per cent at 13,211.81.

European shares also closed lower last Friday, logging sharp weekly losses as investors grappled with the prospects of global interest rates remaining elevated for longer.

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The pan-European Stoxx 600 index fell 0.3 per cent to 453.26, touching its lowest in more than a week, with the construction and materials sector amongst the top decliners.