Singapore stocks fall at open after Budget scheme top-ups, tax announcements; STI down 0.3%

SINGAPORE stocks fell in early trade on Wednesday (Feb 15), following Singapore’s Budget announcement the previous day. 

Singapore’s Budget set aside top-ups for business, wages, and household relief schemes this year, while adjusting its corporate tax regime. It also included higher top-end taxes for properties and cars. The latest Budget focused on positioning Singapore for future economic and social growth.

The Straits Times Index (STI) fell 0.3 per cent or 10.56 points to 3,307.64 at 9.01 am. Losers outnumbered gainers 67 to 42 after 37.2 million securities worth S$44.6 million changed hands. 

The Place Holdings was the most actively traded on Wednesday morning, with 7.9 million of its securities changing hands. The mainboard-listed counter remained unchanged at S$0.015. 

Suntec Real Estate Investment Trust (Reit) was also briskly traded, with 2.5 million shares transacted at Wednesday’s open. The Reit’s units were down 0.7 per cent or S$0.01 at S$1.37. 

Frasers Logistics & Commercial Trust was actively traded in terms of volume, with 1.2 million of its units changing hands in early trade. The counter fell 0.8 per cent or S$0.01 to S$1.24. 

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Singapore shares buck regional gains on Tuesday; STI down 0.2%

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The three local banks were mixed on Wednesday morning. DBS was down 0.2 per cent or S$0.06 at S$35, while OCBC declined 0.5 per cent or S$0.06 to S$12.91. On the other hand, UOB rose 0.3 per cent or S$0.10 to S$30.36. 

Wall Street stocks mostly ended lower on Tuesday, following the release of mixed US inflation data. The Dow Jones Industrial Average declined 0.5 per cent to close at 34,089.27, while the broad-based S&P 500 fell less than 0.1 per cent to 4,136.48. The tech-rich Nasdaq Composite Index gained 0.6 per cent to 11,960.15. 

Europe shares ended mostly higher, boosted by positive corporate updates, although investors are expecting more Federal Reserve rate hikes following the release of US inflation data. The Stoxx 600 rose 0.1 per cent to close at 462.4, after nearly reaching a one-year peak earlier in the session.