Singapore stocks slightly edge up on Friday—STI inched by 0.02%

SINGAPORE: Singapore stocks slightly edged up on Friday, May 31, following a night of mixed results in global markets.

The Business Times reported that the Straits Times Index (STI) inched up by 0.02%, or 0.64 point, to 3,324.02 by 9:02 am.

In the broader market, 56 stocks declined while 51 gained. A total of 73.7 million securities, worth S$71.1 million, were traded during the early session.

MM2 Asia was the most actively counter by volume which dropped by 4.6%, losing S$0.001 to close at S$0.021, with 9.3 million shares traded. Mapletree Logistics Trust fell by 1.5%, or S$0.02, to S$1.33, with 7.2 million shares changing hands. Seatrium declined by 2.2%, or S$0.04, to S$1.82, with 4.3 million shares traded.

Banking stocks showed mixed results in the morning trade. DBS saw a slight drop of 0.1%, or S$0.04, bringing its share price to S$35.58. On the other hand, OCBC increased by 0.3%, or S$0.04, to S$14.43. UOB also experienced a 0.3% rise, with its shares climbing S$0.10 to S$30.66.

In the United States, major indices closed lower on Thursday, linked to a report indicating slower economic growth and a disappointing earnings forecast from Salesforce, which significantly affected tech stocks.

The Dow Jones Industrial Average fell by 0.9%, ending at 38,111.48. The S&P 500, a broad-market index, dropped by 0.6% to 5,235.48. The tech-heavy Nasdaq Composite Index declined by 1.1% to finish at 16,737.08.

Meanwhile, European markets ended Thursday on a positive note, driven by lower government bond yields. The pan-European Stoxx 600 index rose by 0.6% to close at 516.5, recovering from declines in the previous two sessions. /TISG

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