Singapore stocks open lower on Wednesday; STI down 0.4%

SINGAPORE shares opened lower on Wednesday (Jun 21) following losses in the global markets.

As at 9.01 am on Wednesday, the Straits Times Index (STI) was down 13.30 points or 0.4 per cent to 3,206.93. Across the broader market, losers outnumbered gainers 59 to 43 after 32.9 million securities worth S$43.6 million changed hands.

Software and IT services company Disa was the top-traded counter by volume with 10.7 million shares changing hands, although its share price remained flat at S$0.003 at the market open. 

Raffles Education also saw brisk trading, with its share price up 13 per cent or S$0.007 to S$0.061 after the private education provider announced it was putting up its Raffles Education Square property for sale again through a public tender, with a guide price of S$200 million.

Furthermore, Seatrium ’s shares rose 0.8 per cent or S$0.001 to S$0.129 at the opening. 

The trio of banks opened lower in early trade. DBS lost 0.4 per cent or S$0.11 to S$31.04. OCBC declined 0.2 per cent or S$0.03 to S$12.53, and UOB dropped 0.2 per cent or S$0.05 to S$27.85.  

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Stocks to watch: Keppel, ValueMax, Raffles Education, Nio

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All three major US indices closed lower on Tuesday as stocks showed signs of cooling amid talks that the markets are overbought.    

The Dow Jones Industrial Average shed 0.7 per cent or 245.25 points to 34,053.87. The broad-based S&P 500 dipped 0.5 per cent or 20.88 points to 4,388.71, while the tech-rich Nasdaq Composite Index lost 22.28 points or 0.2 per cent to 13,667.29.

The pan-European Stoxx 600 closed 0.6 per cent or 2.72 points lower at 459.32, dragged down by losses in German stocks and China’s modest interest-rate cut had failed to lift investors’ sentiments among Europe’s China-exposed shares.