Singapore stocks open lower on Monday; STI down 0.2%

SINGAPORE stocks started Monday (Jul 17) soft, after global markets ended the previous winning week on a muted note.

The Straits Times Index (STI) headed down 0.2 per cent or 7.92 points to 3,240.71 as at 9.02 am. Gainers outnumbered losers 64 to 57, after 92 million securities worth S$71.7 million changed hands.

The most active counter by volume was Seatrium , which lost 1.4 per cent or S$0.002 to S$0.143 with 52.8 million shares traded.

Genting Singapore was also briskly traded, down 1.6 per cent or S$0.015 to S$0.94 after 5.6 million shares changed hands. Yangzijiang Shipbuilding lost 1.3 per cent or S$0.02 to S$1.50 after 3.4 million shares were transacted.

The trio of local banks traded mixed on Monday morning. DBS gained 0.8 per cent or S$0.26 to S$32.25. UOB declined 0.8 per cent or S$0.22 to S$27.61, while OCBC slipped 0.2 per cent or S$0.02 to S$12.35.

US indices closed lower on Friday but ended the week strong in view of cooling inflation. The broad-based S&P 500 finished at 4,505.42, down 0.1 per cent for the day, but up 2.4 per cent for the week. The tech-rich Nasdaq Composite Index dipped 0.2 per cent to 14,113.7, while the Dow Jones Industrial Average advanced 0.3 per cent to 34,509.03.

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Stocks to watch: ESR Logos Reit, Ho Bee Land, IReit Global, UOL Group, Singapore Land, Sabana Reit

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European shares mirrored the slight decline at the end of the winning week. The pan-European Stoxx 600 index closed 0.1 per cent lower at 460.83 on Friday, as oil and gas stocks dropped 2.1 per cent on falling crude prices, but gained nearly 3 per cent for the week.