Singapore stocks open weaker on Monday; STI down 0.2%

SINGAPORE stocks opened weaker on Monday (Nov 27) despite global market’s rally last Friday.

The Straits Times Index (STI) dipped 0.2 per cent or 5.65 points to 3,089.16 as at 9.02 am. Across the broader market, losers outnumbered gainers 51 to 45, after 21.4 million securities worth S$41.9 million changed hands.

The most active counter by volume was Marco Polo Marine , following its update on H2 profit rise. The counter gained 1.9 per cent, or S$0.001, to S$0.053 after 11.9 million shares changed hands.

Seatrium also registered heavy trading. It held steady at S$0.108 with 1.6 million shares transacted. Singtel ’s shares were also briskly traded. It was flat at S$2.26 with 1.2 million shares changing hands.

Banking stocks fell on Monday morning. DBS lost 0.2 per cent or S$0.07 to S$31.75, while UOB fell 0.04 per cent or S$0.01 to S$27.28. OCBC dipped 0.3 per cent to S$0.04 to S$12.63.

US indices closed Friday mostly higher on a shortened trading day as investors were looking forward to hyped consumer spending at the year-end shopping season.

SEE ALSO

Stocks to watch: NetLink NBN Trust, Marco Polo Marine, Straco, LHN, Sats, mm2 Asia

The Dow Jones Industrial Average rose 0.3 per cent to 35,390.15. The broad-based S&P 500 edged up 0.1 per cent to 4,559.34, while the tech-heavy Nasdaq Composite Index ticked down 0.1 per cent to 14,250.85.

Over in Europe, stocks closed higher for a second straight week as investors focused on corporate earnings and rate cuts possibilities. The pan-European Stoxx 600 rose 0.4 per cent to close out the week with a 0.9 per cent gain.