Singapore stocks dip at Wednesday’s open; STI down 0.5%

SINGAPORE shares began Wednesday (May 31) in negative territory, after global markets ended mixed overnight.

As at 9.01 am, the Straits Times Index (STI) shed 16.88 points or 0.5 per cent to 3,170.68. Across the broader market, losers outnumbered gainers 79 to 44 after 42.1 million securities worth S$64.6 million were transacted.

Seatrium was the most actively traded counter by volume, remaining unchanged at S$0.12 after 12.9 million of its shares changed hands.

Index counters Genting Singapore and Thai Beverage also traded briskly, although their share prices were unchanged at S$1.02 and S$0.565, respectively.

Units of CapitaLand Integrated Commercial Trust , another STI constituent, lost S$0.01 or 0.5 per cent to S$1.98 at the open.

The trio of banks opened the day in negative territory. DBS fell S$0.32 or 1 per cent to S$31.01, and UOB lost S$0.22 or 0.8 per cent to S$27.84. OCBC was down S$0.06 or 0.5 per cent at S$12.16.

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In the US, Wall Street indices closed Tuesday mixed as investors continued to weigh the remaining risk of a US debt default.

The Dow Jones Industrial Average finished 0.2 per cent lower at 33,042.78. The broad-based S&P 500 was flat at 4,205.52, while the tech-rich Nasdaq Composite Index gained 0.3 per cent to 13,017.43.

The pan-European Stoxx 600 index remained on track for its steepest monthly fall this year, ending Tuesday 0.9 per cent lower at 456.63.