Singapore stocks slip on Thursday; STI down 0.2%

SINGAPORE stocks opened slightly lower on Thursday (Jun 30) morning, as Wall Street ended nearly flat after a turbulent trading session.

The Straits Times Index (STI) lost 0.2 per cent or 7.31 points to 3,127.56 as at 9.02 am. However, advancers outnumbered decliners 72 to 46 after 44.2 million securities worth S$49.4 million changed hands.

Property management and media company The Place Holdings : E27 0% was the top traded counter by volume, up 6.7 per cent or S$0.005 at S$0.08 with some 9.6 million shares traded in the morning.

Other heavily traded securities include Raffles Education : NR7 0%, which gained 3 per cent or S$0.002 to S$0.068 with 6.9 million shares changing hands, as well as Yangzijiang Shipbuilding spin-off Yangzijiang Financial : YF8 0%, which lost 2.4 per cent or S$0.01 to S$0.41 with 4.8 million shares traded.

Among index counters, Singtel : Z74 0% saw brisk trading with 1.8 million shares changing hands at the open. The counter declined 0.4 per cent or S$0.01 to S$2.55.

The trio of local banks were mixed in early trade. As at 9.02 am, DBS : D05 0% inched up 0.2 per cent or S$0.05 to S$30.05, UOB : U11 0% opened 0.6 per cent or S$0.15 lower at S$26.46 and OCBC : O39 0% declined 0.6 per cent or S$0.07 to S$11.45.

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In the US, Wall Street stocks were near flat at the end of a choppy session on Wednesday as the market struggled to recover from the prior session’s rout, with inflation, weakening consumer sentiment and tightening monetary policy being ongoing concerns.

The Dow Jones Industrial Average inched up 0.3 per cent to finish at 31,029.31. The broad-based S&P 500 slipped 0.1 per cent to 3,818.83, while the tech-rich Nasdaq Composite Index edged down by less than 0.1 per cent to 11,177.89.

In Europe, stocks suffered on Wednesday as chiefs of the European Central Bank and US Federal Reserve chairman stuck to their hawkish stance, fanning fears of a global recession.

The continent-wide Stoxx 600 index dropped 0.7 per cent, snapping a 3-day rally as it recorded broad-based losses.

Elsewhere in Asia, Tokyo shares also opened lower on Thursday after Wall Street stocks ended flat, with investors searching for new trading cues. 

The benchmark Nikkei 225 index fell 0.2 per cent, or 51.32 points, to 26,753.28 at the open, while the broader Topix index lost 0.3 per cent, or 6.48 points, to 1,887.09.