SINGAPORE shares opened lower on Thursday (Jun 22) after the US central bank affirmed that more interest rate increases are likely ahead as the inflation rate is still high. 

The Straits Times Index (STI) was down 0.1 per cent or 1.88 points to 3,221.78 at 9.01 am. Across the broader market, losers outnumbered gainers 61 to 47 after 30.3 million securities worth S$31.2 changed hands.

Seatrium : S51 0% was the top-traded counter by volume with three million shares changing hands, rising 0.8 per cent or S$0.001 to S$0.13.

Thai Beverage : Y92 0% also experienced brisk trading activity, with its share price down 1.8 per cent or S$0.01 to S$0.56.

Construction and engineering company Ley Choon : Q0X 0% was actively traded. Its share price rose 2.7 per cent or S$0.001 to S$0.038.

The trio of local banks opened mixed in early trade. DBS : D05 0% was up 0.5 per cent or S$0.16 to S$31.51 while UOB : U11 0% was nearly flat at S$28. OCBC : O39 0% was down S$0.01 or 0.1 per cent to S$12.50.

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On Wednesday, US indices ended lower as the Federal Reserve indicated that more interest rate increases are likely ahead until progress is made on bringing down inflation. 

All three major indices recorded losses for the day. The Dow Jones Industrial Average closed 0.3 per cent lower or 102.35 points at 33,951.52, and the broad-based S&P 500 also shed 0.5 per cent or 23.02 points to 4,365.69. Meanwhile, the tech-focused Nasdaq Composite Index lost 165.10 points or 1.2 per cent to 13,502.20.

The European Stoxx 600 decreased 0.5 per cent to 457.01 points on Wednesday, led by the fall in real estate stocks on higher mortgage costs’ concerns after the US central bank’s comments on interest rate hikes.