Singapore stocks fall at Friday’s open; STI down 0.2%

SINGAPORE stocks opened weaker on Friday (Mar 22) morning, despite overnight gains in US and European markets. 

As at 9.01 am, the Straits Times Index (STI) fell 5.07 points or 0.2 per cent to 3,215.3. Across the broader market, gainers outnumbered losers 52 to 50 after 40 million securities worth S$55.1 million changed hands. 

Thai Beverage was the most heavily traded counter by volume. It remained unchanged at S$0.495 with 8.4 million securities transacted. 

Other counters that were briskly traded included Seatrium, which was flat at S$0.08, and Genting Singapore, which rose S$0.005 or 0.6 per cent to S$0.895. 

The three local banks were mixed in early trade. DBS advanced S$0.02 or 0.1 per cent to S$35.68. OCBC shed S$0.04 or 0.3 per cent to S$13.60, while UOB declined S$0.30 or 1 per cent to S$28.92. 

US equities finished keenly higher at Thursday’s close, reflecting trader optimism after the Federal Reserve showed signs of following through with interest rate cuts this year. The Dow Jones Industrial Average rose 0.7 per cent to 39,781.37. The broad-based S&P 500 inched up 0.3 per cent to 5,241.53, while the tech-heavy Nasdaq climbed 0.2 per cent to close at 16,401.84.

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European shares tracked the Wall Street rally and were boosted by technology stocks and miners to hit a record high on Thursday. The pan-European Stoxx 600 ended 0.9 per cent higher at 509.77.