Singapore stocks open lower on Wednesday; STI down 0.3%

SINGAPORE stocks were down on Wednesday (May 17) morning, tracking overnight losses globally.

As at 9.01 am, the Straits Times Index (STI) was down 8.69 points or 0.3 per cent to 3,205.35. Across the broader market, losers outnumbered gainers 67 to 53 as 69 million securities worth S$80.8 million changed hands. 

Seatrium was the most traded stock by volume at Wednesday’s open. Its share price was up S$0.001 or 0.8 per cent to S$0.129 after 25.8 million shares changed hands.

CapitaLand Ascendas Real Estate Investment Trust (Reit) was also briskly traded. Its counter decreased S$0.11 or 3.8 per cent to S$2.77. The Reit’s manager closed a private placement, which was 3.1 times subscribed, to raise gross proceeds of S$500 million – part of which will be used to finance its acquisition of a Seagate facility.

Golden Agri-Resources was actively transacted on Wednesday morning. Its share price fell S$0.005 or 1.9 per cent to S$0.265.

The three local banks were mixed at the open. DBS slipped S$0.09 or 0.3 per cent to S$30.87, along with UOB, which also dropped 0.3 per cent or S$0.09 to S$27.80. OCBC gained S$0.03 or 0.3 per cent to S$12.29.

SEE ALSO

Stocks to watch: SIA, Singtel, CapitaLand Ascendas Reit, ST Engineering, Delfi

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US stocks closed lower on Tuesday, as markets eyed pivotal negotiations on lifting the US debt ceiling and concerns mounted about the health of the US consumer. The Dow Jones Industrial Average led losses, dropping 1 per cent to 33,012.14. The broad-based S&P 500 shed 0.6 per cent to 4,109.9, while the tech-rich Nasdaq Composite Index dipped 0.2 per cent to 12,343.05.

European stocks also took a hit on Tuesday as retail sales data out of the US spurred worries about consumer spending. The pan-European Stoxx 600 index closed 0.4 per cent lower at 464.7, with the retail sector taking the biggest hit.