Singapore shares went down at Thursday’s open; STI down 0.2%

SINGAPORE: Singapore shares went down at Thursday’s open, Jan 25, with the benchmark Straits Times Index sliding 0.2%, down 4.79 points to 3,148.54 at 9.03 am, The Business Times reports.

The decline was driven by setbacks in real estate investment trusts and other index counters, setting the tone for what investors anticipate to be a crucial period ahead, dominated by a flurry of upcoming earnings announcements.

In the broader market, losers outnumbered gainers, with 67 stocks in the red compared to 48 in the green. A total of 33.9 million securities, amounting to S$36 million, changed hands during the early trading hours.

Leading the pack in terms of trading volume was Thai Beverage Public Company, which maintained its ground at S$0.52 with 3.3 million shares exchanged.

Other actively traded securities included Rex International, experiencing a 1.2% decline to S$0.165 with three million shares changing hands.

Mapletree Logistics Trust (M44U) (MLT) also slipped by 1.2%, dropping S$0.02 to S$1.61, with 2.5 million shares traded.

MLT had reported a 1.2% increase in distribution per unit to S$0.02253 for the third quarter ending Dec 31, 2023. The rise was attributed to higher contributions from existing properties in Singapore and overseas acquisitions, but faced challenges from slight increases in property expenses, weaker regional currencies, and elevated borrowing costs.

Banking stocks displayed mixed performances in the early morning trade.

DBS rose by 0.3%, gaining S$0.10 to reach S$31.94, while UOB dipped by 0.1%, shedding S$0.04 to settle at S$27.86. OCBC also slipped by 0.1%, losing S$0.01 to reach S$12.89.

Other notable index counters included Mapletree Industrial Trust, down by 1.2% or S$0.03 at S$2.44, and CapitaLand Ascendas Reit, which dropped by 1%, or S$0.03 to S$2.94.

Meanwhile, global stock markets experienced a positive rally overnight, primarily driven by gains in the technology sector.

Wall Street’s S&P 500 hit a record high, boosted by Netflix surpassing subscriber growth expectations. Chip stocks also saw a surge following strong earnings from ASML. The S&P 500 closed the day 0.1% higher at 4,868.55. In Europe, the pan-European Stoxx 600 index closed up 1.2%, reaching a one-week high.

/TISG

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