Singapore stocks open lower on Wednesday; STI down 0.2%

SINGAPORE shares opened slightly lower on Wednesday (May 24) following overall trends in the global markets.

The Straits Times Index (STI) dipped 0.2 per cent or 7.23 points to 3,210.85 as at 9.03 am. Across the broader market, losers outnumbered gainers 64 to 62 with 78.4 million securities worth S$59.2 million changing hands.

The most actively traded counter was Seatrium . Around 13.2 million of the marine engineering group’s shares were transacted, with the counter losing 0.8 per cent or S$0.001 to S$0.128 as at 9.02 am.

Another actively traded security was Marco Polo Marine , which declined 1.9 per cent or S$0.001 to S$0.051 as at 9.02 am.

Gaming and resorts group Genting Singapore was also briskly traded, declining 2 per cent or S$0.02 to S$1.

The trio of local banks all opened lower. DBS lost 0.5 per cent or S$0.15 to S$31.34, OCBC dipped 0.4 per cent or S$0.05 to S$12.21, while UOB fell 0.3 per cent or S$0.09 to S$27.86.

SEE ALSO

Stocks to watch: Manulife US Reit, Japan Foods

Wall Street ended Tuesday’s trading down, with the impending deadline of US debt default looming and no clear resolution in sight between the White House and Republican leadership. The Dow Jones Industrial Average finished down 0.7 per cent or 231.07 points at 33,055.51. The broad-based S&P 500 dropped 1.1 per cent or 47.05 points to 4,145.58, while the tech-rich Nasdaq Composite Index dropped 1.3 per cent or 160.53 points to 12,560.25.

The pan-European Stoxx 600 index closed 0.6 per cent or 2.81 points lower to 466.1, which was also its steepest one-day percentage fall in three weeks. Observers pointed the finger at losses for major luxury players and a weaker-than-expected showing from Credit Suisse rival Julius Baer.