Singapore’s shares open lower on Tuesday; STI down by 0.2%

SINGAPORE stocks inched lower on Tuesday (Sep 12) even as global markets rallied the day before.

As at 9.01 am, the Straits Times Index (STI) dropped 5.18 points or 0.2 per cent to 3,213.10. Across the broader markets, gainers outnumbered losers 49 to 30 with 19.2 million securities worth S$30.8 million changing hands.

Seatrium was the most actively traded stock at the open in terms of volume, with 4.9 million securities transacted. The counter rose S$0.001 or 0.7 per cent to S$0.14.

Genting Singapore fell 1.1 per cent or S$0.01 to S$0.87 in early morning trade.

Olam Group , which denied allegations that its Nigerian unit was involved in a multibillion dollar fraud on Monday, saw its shares slump by S$0.03 or 2.6 per cent to S$1.14.

Banking stocks were mixed in early trade. DBS fell S$0.19 or 0.6 per cent to S$33.30 while UOB dropped by S$0.01 or 0.04 per cent to S$28.41. OCBC , however, gained S$0.01 or 0.1 per cent to S$12.54.

Meanwhile, Wall Street bounced back on Monday as investors snapped up tech stocks, capitalising on their relatively lower prices following a recent lacklustre spell in the US financial markets.

The tech-rich Nasdaq Composite Index rose sharply to end the day up 1.1 per cent at 13,917.89. The S&P 500 gained 0.7 per cent to 4,487.46, while the Dow Jones Industrial Average picked up by 0.3 per cent to close at 34,663.72.

European shares also closed higher on Monday, with miners leading gains as prices of most base metals rose. The pan-European Stoxx 600 index rose 0.3 per cent to close at 456.21 – a near one-week high.