Singapore shares open lower on Wednesday; STI down 0.03% to 3,044.54

SINGAPORE share prices opened lower on Wednesday with the Straits Times Index (STI) down one point to 3,044.54 as at 9.02 am.

Wall Street closed mildly higher overnight, as lower oil prices brought a selloff in energy counters. The markets are also waiting on direction from the Federal Reserve this week on the pace of rate hikes next year, amid a global slowdown and fears over an impending trade war.

The BofA Merrill Lynch December Fund Manager Survey released on Wednesday suggests that investors are approaching "extreme bearishness", as a net 53 per cent of investors polled expect global growth to weaken over the next 12 months. This is the worst outlook on the global economy since October 2008, the poll showed.

Top losers in early morning trade included DBS and OCBC.

Some 48.8 million shares worth S$149.2 million changed hands, with gainers outnumbering losers 57 to 52.