Singapore shares open lower on Wednesday, STI down 0.7%

SINGAPORE stocks opened lower on Wednesday, with the Straits Times Index dropping 25.5 points, or 0.7 per cent to 3,466.42 as of 9.03 am.

This came as Asian markets, including Tokyo and Australia, took a beating in early morning trading after US top economic adviser and a key opponent of tarrifs, Gary Cohn, announced that he would resign from his post.

On the Singapore bourse, about 87.8 million shares worth S$122.9 million changed hands.

Losers outnumbered gainers 112 to 46.

The most actively traded counters were Genting Singapore which fell 1.77 per cent, or two Singapore cents to S$1.11 with 14.9 million shares traded; and CWX Global which was up 14 per cent or 0.1 Singapore cent to 0.8 Singapore cent with 9.9 million shares traded.

Other active index stocks included Keppel Corporation which fell 1.6 per cent to S$7.54, and UOB which was down 1.2 per cent to S$27.90.