Singapore shares dip on Wednesday morning—STI fell by 0.3%

SINGAPORE: Singapore shares dipped on Wednesday morning, Feb 28, following a varied performance across global markets.

The Business Times reports that The Straits Times Index (STI) fell by 0.3%, equivalent to 9.23 points, reaching 3,148.09 as of 9:01 am local time.

Among the broader market were 53 gainers and 48 losers, with a total turnover of S$63.8 million, involving 56.6 million securities changing hands.

Seatrium witnessed the highest trading activity, registering a 2.22% increase. Despite trading 11 million securities, its price remained steady at S$0.09.

Other notable performers included Yangzijiang Shipbuilding, which saw a 0.6% increase, gaining S$0.01 to reach S$1.68, and Thomson Medical, rising by 3.9% to S$0.054.

Banking stocks exhibited a mixed trend in the early morning session. DBS experienced a slight decline of 0.2%, dropping S$0.05 to S$33.45. OCBC recorded a 2% decrease, amounting to S$0.26, to reach S$13.05. Conversely, UOB saw a marginal increase of 0.04%, rising by S$0.01 to S$28.21.

OCBC announced before the market opened its net profit for the fourth quarter of 2023, which rose by 12% to S$1.62 billion compared to the previous year’s S$1.44 billion.

Across the pond, the US stock market concluded with a mixed performance on Tuesday, influenced by disappointing consumer confidence and durable goods data. The Dow Jones Industrial Average retreated by 0.3% to 38,972.41.

Meanwhile, the S&P 500 recorded a 0.2% increase, reaching 5,078.18, and the Nasdaq Composite Index saw a 0.4% uptick, closing at 16,035.30.

In Europe, the Stoxx 600 observed a marginal rise on Tuesday, with Germany’s DAX achieving a record high.

Investors are closely monitoring this week’s inflation data, which could provide insights into potential interest rate adjustments later in the year. The pan-European Stoxx 600 closed at 0.2% higher, settling at 496.33. /TISG

Read also: Singapore shares climbed on Tuesday’s open; STI edged up by 0.1%

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