Singapore stocks dip at Thursday’s open after GDP data; STI down 0.3%

SINGAPORE shares opened lower on Thursday (May 25) after the Ministry of Trade and Industry (MTI) estimated full-year gross domestic product (GDP) to come in “at around the mid-point” of its official forecast range of 0.5 to 2.5 per cent year on year. 

MTI’s remarks came despite Singapore’s GDP growth for the first quarter outperforming advance estimates slightly at 0.4 per cent year on year, though still lower than the 2.1 per cent on-year expansion of Q4. 

The Straits Times Index (STI) was down 11.07 points or 0.3 per cent to 3,203.14 as at 9.01 am on Thursday. Losers outnumbered gainers 70 to 47 after 36 million securities worth S$51.2 million changed hands.

Seatrium was the top traded counter by volume, remaining flat at S$0.126 after 6.4 million shares changed hands. 

Marine engineering company Beng Kuang Marine also traded briskly; its share price rose 5.6 per cent or S$0.005 to S$0.094.

The unit price of CapitaLand Integrated Commercial Trust dropped 1.5 per cent or S$0.03 to S$1.99. 

The trio of banks opened the day in negative territory. DBS ’ share price lost 0.2 per cent or S$0.06 to S$31.34. OCBC was down 0.4 per cent or S$0.05 to S$12.15, while UOB shed a marginal S$0.01 to S$27.82.  

US indices fell again at the end of Wednesday as the deadline to reach a deal to raise the debt ceiling drew near, with no agreement in sight.  

The Dow Jones Industrial Average was down 0.8 per cent or 255.59 points to 32,799.92. The broad-based S&P 500 declined 30.34 points or 0.7 per cent to 4,115.24, while the tech-focused Nasdaq Composite Index shed 0.6 per cent or 76.08 points to 12,484.16.

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The pan-European Stoxx 600 recorded its steepest decline in two months, with a 1.8 per cent or 8.45-point drop to 457.65 points, following news of high UK inflation, losses in luxury stocks and little progress in the US debt ceiling negotiations.