Singapore stocks open Friday lower after revised growth forecast; STI down 0.2%
Goh Ruoxue
SINGAPORE shares slipped at the opening bell on Friday (Aug 11), after the Ministry of Trade and Industry narrowed its official full-year growth forecast for 2023, citing a weak external demand outlook for the rest of the year.
As at 9.02 am, the Straits Times Index (STI) had inched down 6.93 points or 0.2 per cent to 3,316.
Across the broader market, losers outnumbered gainers 55 to 46, after 34.1 million securities worth S$51.1 million changed hands.
The most actively traded counter by volume was Genting Singapore , which advanced 3.8 per cent or S$0.035 to S$0.955 with 11.5 million shares changing hands.
Other heavily traded securities included Thai Beverage , the share price of which remained flat at S$0.57, and Marco Polo Marine , which held steady at S$0.053.
The banking stocks traded mixed on Friday morning, with DBS falling 1.1 per cent or S$0.38 to S$33.85, while UOB climbed 0.3 per cent or S$0.08 to S$29.26. OCBC dipped 0.2 per cent or S$0.03 to S$13.22.
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US indices closed higher on Thursday, after the release of government data showing that consumer inflation inched up in July, largely in line with expectations.
The Dow Jones Industrial Average picked up 0.2 per cent to 35,176.15. The broad-based S&P 500 advanced less than 0.1 per cent to 4,468.83, and the tech-rich Nasdaq Composite Index finished up 0.1 per cent at 13,737.99.
European stocks surged on Thursday, after a modest increase in US consumer prices fuelled hopes that the US central bank was nearing the end of its rate hikes. China’s easing of its travel curbs also boosted the luxury-goods sector.
The pan-European Stoxx 600 added 0.8 per cent to close at 464.23 on Thursday, scaling its highest level in a week and rising for the second straight session.
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