Singapore stocks open weaker on Thursday; STI down 0.3%

SINGAPORE stocks opened softer on Thursday (Oct 26), following overnight losses on Wall Street as traders reacted to mixed earnings.

The Straits Times Index (STI) headed down 0.3 per cent or 8.64 points to 3,070.14 as at 9.02 am. Across the broader market, losers outnumbered gainers 67 to 48 after 55 million securities worth S$57.7 million changed hands.

The most active counter by volume was Seatrium , which shed 0.9 per cent or S$0.001 to S$0.113 with 16.1 million shares transacted.

Thai Beverage was also briskly traded, remaining unchanged at S$0.53 with 6.3 million shares transacted. Golden Agri-Resources , the third-most heavily traded counter, lost 1.9 per cent or S$0.005 to S$0.26 after 3.2 million shares changed hands.

Local banking stocks traded mixed in early morning trade. DBS gained 0.03 per cent or S$0.01 to S$33.16. UOB declined 0.8 per cent or S$0.22 to S$27.50, while OCBC dropped 0.2 per cent or S$0.03 to S$12.81.

US indices closed lower on Wednesday on mixed corporate earnings and elevated Treasury yields. The Dow Jones Industrial Average closed 0.3 per cent lower at 33,035.93. The broad-based S&P 500 shed 1.4 per cent to 4,186.74, while the tech-rich Nasdaq Composite Index plunged 2.4 per cent to 12,821.22.

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Stocks to watch: UOB, CICT, MLT, MIT, NetLink NBN Trust, ESR-Logos Reit

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European shares ended steady in light of mixed earnings. The pan-European Stoxx 600 index reversed early declines to end flat, with miners leading gains, up 0.04 per cent at 435.27.