Singapore stocks open lower on Thursday; STI down 0.1%

SINGAPORE shares dipped on Thursday (Aug 10) morning, following a mixed showing in global markets overnight.

As at 9.01 am, the Straits Times Index (STI) inched down 1.63 points or 0.1 per cent to 3,312.16.

Across the broader market, losers outnumbered gainers 76 to 62 after 42.3 million securities worth S$70.0 million changed hands. 

The most active counter by volume was Dyna-Mac , which gained 3.7 per cent or S$0.015 to S$0.425, with 3.3 million shares changing hands. 

Other heavily traded securities included Seatrium , which remained flat at S$0.135, and Marco Polo Marine , which held steady at S$0.051.

The trio of local banks logged mixed results in early trade. 

OCBC gained 0.8 per cent or S$0.11 to S$13.27. DBS dipped 0.5 per cent or S$0.16 to S$34.14, and UOB edged down 0.2 per cent or S$0.05 to S$28.91. 

US stocks closed lower on Wednesday, following the release of a report showing that Americans borrowed more than ever on their credit cards in the last quarter. Investors are also eyeing the release of key US inflation data on Thursday that could influence interest-rate decisions of the US central bank. 

The Dow Jones Industrial Average lost 0.5 per cent or 191.13 points to 35,123.36, and the broad-based S&P 500 sank 0.7 per cent to 4,467.71. The tech-heavy Nasdaq Composite Index dropped 1.2 per cent to 13,718.40. 

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European stocks rebounded on Wednesday from Tuesday’s losses, after Italy watered down its plans to impose a one-off 40 per cent tax on profits banks reap from higher interest rates, capping the tax at 0.1 per cent of total bank assets instead. 

The pan-European Stoxx 600 index gained 0.4 per cent to 460.58.