Singapore stocks dipped on Friday—STI dropped by 0.4%

SINGAPORE: Singapore stocks dipped on Friday, May 24, influenced by overnight declines on Wall Street.

The Business Times reported that the Straits Times Index (STI) dropped by 0.4%, or 12.62 points, to 3,310 as of 9:01 am.

In the broader market, the sentiment was largely bearish, with losers outnumbering gainers, 88 stocks fell while only 44 rose. A total of 49.1 million securities worth S$66.7 million were traded.

Dyna-Mac Holdings Ltd was the most actively traded stock by volume, rising by 1.4%, or S$0.005, to S$0.375, with 3.1 million shares traded. Seatrium Ltd saw its share price fall by 1.3%, or S$0.02, to S$1.56, with 2.6 million shares changing hands. Singtel remained stable at S$2.41, with 1.5 million shares traded.

Banking stocks faced declines in early trading. DBS Group Holdings Ltd fell by 0.4%, or S$0.14, to S$35.71. United Overseas Bank Ltd (UOB) dropped by 0.5%, or S$0.16, to S$30.39. Oversea-Chinese Banking Corporation (OCBC) decreased by 0.3%, or S$0.04, to S$14.45.

The local market’s decline reflected the performance on Wall Street, where stocks fell on Thursday due to rising US Treasury bond yields. The Dow Jones Industrial Average decreased by 1.5% to close at 39,065.26. The S&P 500 dropped by 0.7% to end at 5,267.84. The tech-heavy Nasdaq Composite Index slipped by 0.4%, finishing at 16,736.03.

In Europe, shares were relatively steady amid signs of improving economic activity, which led investors to reduce their expectations for potential interest rate cuts this year. The pan-European Stoxx 600 index saw a slight increase of 0.1%, closing at 521.56. /TISG

Read also: Singapore shares remained mostly flat on Thursday—STI dip 0.02%

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