Singapore shares start the week flat amid weaker export data, Wall Street retreat
Vivienne Tay
SINGAPORE stocks opened flat on Monday (Sep 18) after weaker export data clashed with news of a mixed performance on global stock markets.
The Republic’s non-oil domestic exports slid 20.1 per cent in August, marking the 11th straight month of contraction, data from Enterprise Singapore showed on Monday.
On the Singapore bourse, the Straits Times Index inched down 0.07 point to 3,280.62 as at 9.01 am. Across the broader market, losers outnumbered gainers 53 to 40, after 53.9 million securities worth S$55.2 million changed hands.
The most active counter by volume was Thai Beverage Public Company , which lost 1.7 per cent or S$0.01 to S$0.575, with 7.9 million shares traded.
Other heavily traded securities included Seatrium , which was up 0.7 per cent or S$0.001 to S$0.139 with 6.5 million shares traded, as well as Manulife US Real Estate Investment Trust , which was flat at US$0.048 with 3.2 million shares traded.
Singtel was up 0.8 per cent or S$0.02 to S$2.42, after it said on Monday that a fund managed by global investment company KKR is committing up to S$1.1 billion for a 20 per cent stake in the telco’s regional data centre business.
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Banking stocks were mixed in early morning trade. DBS was up 0.6 per cent or S$0.19 to S$34.43. UOB held steady at S$29.20, while OCBC slid 0.3 per cent or S$0.04 to S$12.86.
In the US, stocks closed sharply lower on Friday, with chipmakers retreating on concerns over weak consumer demand. Rising Treasury yields, meanwhile, pressured Amazon and other growth stocks.
The Nasdaq fell 1.6 per cent to 13,708.34, and the S&P 500 dropped 1.2 per cent to end at 4,450.32. The Dow Jones Industrial Average declined 0.8 per cent to 34,618.24.
European shares ended last week in positive territory as investors took heart from signs that the European Central Bank is close to being done with raising interest rates.
The pan-European Stoxx 600 was up 0.2 per cent, closing at a five-week high, led by luxury, mining and auto stocks.
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