Singapore stocks open Tuesday largely flat after inflation surprise, STI up 0.04%

SINGAPORE stocks opened muted on Tuesday (Mar 26) morning after data for Singapore’s headline and core inflation in February came in hotter than anticipated.  

Figures released on Monday showed that headline inflation for February climbed 3.4 per cent year on year, up from 2.9 per cent in January. This exceeded the 3.2 per cent median forecast by private-sector economists, who expect the Monetary Authority of Singapore to leave its policy parameters unchanged despite the inflation growth. 

As at 9.01 am, the Straits Times Index (STI) rose 1.34 points or 0.04 per cent to 3,199.44. Across the broader market, losers outnumbered gainers 57 to 54 after 43.3 million securities worth S$35.2 million changed hands. 

Seatrium : S51 0% was the most heavily traded counter by volume. The counter was flat at S$0.078 after 8.1 million securities were transacted. 

Other counters that were briskly traded included Tritech Group, : 5G9 0% which remained unchanged at S$0.011 after 4.9 million shares changed hands, and Thai Beverage, : Y92 0% which traded flat at S$0.485 after four million securities were exchanged.

Banking stocks were mixed in early trade. DBS : D05 0% climbed S$0.10 or 0.3 per cent to S$35.60. OCBC : O39 0% advanced S$0.02 or 0.2 per cent to S$13.60, and UOB : U11 0% traded S$0.08 or 0.3 per cent lower at S$28.64. 

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Over on Wall Street, stocks dipped on Monday as prominent tech companies faced increased regulatory scrutiny in Europe. The tech-heavy Nasdaq Composite Index fell 0.3 per cent to 16,384.47, while the broad-based S&P 500 sank 0.3 per cent to 5,218.19. The Dow Jones Industrial Average shed 0.4 per cent to 39,313.64.

In Europe, shares edged near record highs on Monday, boosted by gains in energy stocks. The pan-European Stoxx 600 climbed 0.04 per cent to 509.86.