SINGAPORE stocks pulled back on Tuesday’s (Jan 3) open, with banks and index counters recording losses in the first trading session of the year.

Advanced estimates from Singapore’s trade ministry on Tuesday morning showed the economy expanded 3.8 per cent in 2022, slightly better than the official forecast in November last year.

Gross domestic product for Q4 2022, however, came in at 2.2 per cent, slower than the 4.2 per cent recorded in Q3 2022.

The Straits Times Index (STI) headed down 0.3 per cent or 8.69 points to 3,242.63 as at 9.02 am. Gainers and losers were evenly matched at 74 to 73, after 39.7 million securities worth S$233.6 million changed hands.

One of the most active counters by volume was Sembcorp Marine : U96 0%, which held steady at S$0.138, with 3.7 million shares changing hands.

Other heavily traded securities included Genting Singapore : G13 0%, which lost 0.5 per cent or S$0.005 to S$0.95, with 2.6 million shares traded, as well as Yangzijiang Shipbuilding : BS6 0%, which remained unchanged at S$1.36, with two million shares traded.

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Banking stocks fell into the red, with DBS : D05 0% and UOB : U11 0% down 0.3 per cent. DBS traded S$0.11 lower at S$33.81 and UOB slid S$0.08 to S$30.62. Meanwhile, OCBC : O39 0% lost 0.2 per cent or S$0.02 to S$12.16.

Other active index counters included Wilmar International : F34 0%, which declined 1.4 per cent or S$0.06 to S$4.11, and CapitaLand Investment : 9CI 0%, which traded 1.1 per cent or S$0.04 lower at S$3.66.

European shares started the year higher as investors take heart from positive eurozone manufacturing data. The pan-regional Stoxx 600 climbed 1 per cent, buoyed by consumer discretionary stocks.

US markets, meanwhile, were closed in observance of the New Year’s Day holiday.