Singapore stocks open lower on Monday; STI down 0.3%

SINGAPORE shares started the week lower after US equities dipped on Friday (May 19) following news that debt ceiling negotiations were paused. 

The Straits Times Index (STI) was down 9.04 points or 0.3 per cent to 3,193.55 as at 9.01 am on Monday. Across the broader market, losers outnumbered gainers 69 to 46 after 38.8 million securities worth S$48.9 million changed hands.

Marco Polo Marine was the top traded counter by volume with 6.1 million shares changing hands. The index stock gained 2 per cent or S$0.001 to S$0.052.  

Seatrium also saw brisk trading, with its share price dropping 1.6 per cent or S$0.002 to S$0.125.

Another index stock, CapitaLand Integrated Commercial Trus t, was up 0.5 per cent or S$0.01 to S$2.00.

Among the trio of local banks only DBS saw gains, rising 0.3 per cent or S$0.09 to S$30.92. UOB lost 0.5 per cent or S$0.15 to S$27.74 while OCBC fell 0.3 per cent or S$0.04 to S$12.21.

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 US indices closed lower on Friday after hopes that talks to raise the US$31.4 trillion debt limit could be concluded in the coming days were dissipated. 

The Dow Jones Industrial Average fell 0.3 per cent or 109.28 points to 33,426.63. The broad-based S&P 500 declined 0.1 per cent or 6.07 points to 4,191.98 while the tech-focused Nasdaq Composite Index lost 30.94 points or 0.2 per cent to 12,657.90.

The pan-European Stoxx 600 ended Friday 0.7 per cent higher at 468.85 points, before closing on hopes of progress in the US debt ceiling talks. However, this expectation did not materialise after the markets closed.