Singapore stocks open muted on Monday; STI falls 0.04%

SINGAPORE shares were slightly lower at the opening bell on Monday, the start of a second consecutive holiday-shortened week.

The Straits Times Index (STI) inched down 0.04 per cent or 1.2 points to 2,840.84 as at 9.01am.

Gainers outnumbered losers 80 to 44 after 61.1 million securities worth S$15.6 million changed hands.

Units in First Real Estate Investment Trust (First Reit) declined 6.2 per cent or 2.5 Singapore cents to 38 cents in early trade. This comes after First Reit's manager in the morning announced a renounceable rights issue to raise S$158.2 million, which it said was critical for it to meet its debt covenants.

All three local banks were trading lower. DBS shares fell 0.4 per cent or S$0.11 to S$25.06, OCBC lost 0.5 per cent or S$0.05 to S$10.01, while UOB dipped 0.3 per cent or S$0.06 to S$22.65 as at 9.02am.

Artivision Technologies was the most heavily traded by volume, gaining 20 per cent or 0.2 Singapore cent to 1.2 cents after 18.6 million shares changed hands.

Last week, US stocks advanced slightly at Thursday's close as investors maintained hopes of an economic recovery, despite blocked attempts in Congress to alter a US$2.3 trillion coronavirus aid and government spending package.

The Dow Jones Industrial Average rose 70.04 points or 0.2 per cent to 30,199.87, the S&P 500 gained 13.05 points or 0.4 per cent to 3,703.06, and the Nasdaq Composite added 33.62 points or 0.3 per cent to 12,804.73.

A new free trade deal between Britain and the European Union helped European equities edge higher on Thursday. The STOXX index rose 0.1 per cent.

Elsewhere in Asia, Tokyo stocks opened higher on Monday in thin trade with overseas investors absent for year-end holidays.

The benchmark Nikkei 225 index rose 0.3 per cent to 26,738.77 in early trade, while the broader Topix index was up 0.4 per cent at 1,785.02.