Singapore stocks open lower on Wednesday; STI down 0.6%

SINGAPORE stocks started Wednesday (Nov 8) on a softer note, amid major counters’ Q3 updates.

The Straits Times Index (STI) headed down 0.6 per cent or 19.47 points to 3,154.34 as at 9.02 am. Across the broader market, losers outnumbered gainers 69 to 55 after 93.1 million securities worth S$74.6 million changed hands.

The most active counter by volume was Seatrium , which lost 1.8 per cent or S$0.002 to S$0.111 with 33.3 million shares traded, after the group said it expects net loss for the financial year before the day’s trading.

Keppel Reit was also briskly traded, falling 2.4 per cent or S$0.02 to S$0.80 with 8.3 million shares changing hands. The loss came after it priced S$200 million notes on Tuesday after the market closed. Meanwhile, Singtel lost 2.8 per cent or S$0.07 to S$2.41 with four million shares transacted.

Banking stocks all fell in early morning trade. DBS declined 0.4 per cent or S$0.13 to S$33.68. UOB lost 0.8 per cent or S$0.22 to S$27.63, while OCBC slipped 0.2 per cent or S$0.02 to S$13.13.

US indices closed higher on Tuesday, boosted by the tech-heavy Nasdaq while Treasury yields pulled back. The Nasdaq Composite Index climbed 0.9 per cent to end at 13,639.86, as the broad-based S&P 500 advanced 0.3 per cent to 4,378.38. The Dow Jones Industrial Average edged up 0.2 per cent to finish at 34,152.6.

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Stocks to watch: SIA, Seatrium, Keppel Reit, Lendlease Global Reit, Nanofilm

European shares extended previous session’s falls, underpinned by Portugal’s heavy losses. The pan-European Stoxx 600 closed 0.2 per cent lower at 442.81.