Singapore stocks open lower on Tuesday; STI down 0.4%

SINGAPORE stocks dipped on Tuesday (May 9) as investors anticipated key US inflation data to be released later this week. 

As at 9.01 am, the Straits Times Index (STI) fell 11.58 points, or 0.4 per cent, to 3,246.08. Gainers slightly outnumbered losers 52 to 50 after 50.6 million securities worth S$21.9 million traded hands across the broader market.

Seatrium was among the most transacted securities in terms of volume with 24 million shares changing hands. Its share price remained flat at S$0.129.

Golden Agri-Resources was also traded briskly at the open. The palm oil company’s share prices were down S$0.005, or 1.9 per cent, to S$0.26 with 2.5 million shares changing hands. 

Another actively transacted counter by volume was Asiatic Group , which was up S$0.001 or 50 per cent to S$0.003.

The trio of local banks saw mixed results at open. OCBC was up 0.3 per cent or S$0.03 to S$12.28, while UOB was down S$0.11 or 0.4 per cent to S$28.30. DBS dipped S$0.38 or 1.2 per cent to S$31.57. 

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US stocks finished mixed on Monday (May 8), as investors looked to the release of key inflation data and a recent survey of lenders by the Federal Reserve showed banks tightening lending standards.

While the broad based S&P 500 and the tech rich Nasdaq Composite Index were both up 0.1 per cent and 0.2 per cent to 4,138.12 and 12,256.92 respectively, the Dow Jones Industrial Average closed at 33,618.69, 0.2 per cent down.

European shares ended higher on Monday, led by sectoral gains in healthcare and bank stocks. The pan-European Stoxx 600 index rose 0.4 per cent to 466.94.