Singapore shares edge lower on Monday—STI down by 0.1%

SINGAPORE: Singapore shares edge lower on Monday, July 1, following a weak performance in global markets last week.

The Business Times reported that the Straits Times Index (STI) was down by 0.1% or 2.73 points, standing at 3,330.07 at 9:01 am.

In the broader market, 62 stocks declined compared to 54 that gained. 144.9 million securities were traded, amounting to S$73.9 million in value.

Asia-Pacific Strategic Investments was the most actively traded stock by volume, experiencing a significant 100% rise, increasing by S$0.001 to S$0.002, with 111.2 million shares traded.

This surge followed an announcement on Saturday that the company had entered into a conditional subscription agreement with IFH Technology for S$6.3 million.

The company plans to use almost half the net proceeds for general working capital.

About 30% will cover costs related to the acquisition of data solutions provider Mobii Genius, and the rest will be used to repay a term loan.

Other heavily traded stocks included Singtel, which saw a minor decline of 0.4% or S$0.01, bringing its price to S$2.74. In contrast, Seatrium increased by 0.7% or S$0.01, reaching S$1.39.

Banking stocks showed mixed results at the market open. DBS saw a modest increase of 0.3% or S$0.09, reaching S$35.88. OCBC also experienced a similar rise of 0.3% or S$0.04, closing at S$14.47.

However, UOB slipped by 0.4% or S$0.12, bringing its price down to S$31.21.

On Wall Street, stocks closed lower on Friday. This downturn followed the presidential debate, where Democrat Joe Biden’s performance faced criticism.

The Dow Jones Industrial Average fell by 0.1% to 39,118.86. Similarly, the S&P 500 dropped by 0.4% to 5,460.48, and the Nasdaq Composite Index decreased by 0.7% to 17,732.6.

In Europe, stocks also declined, affected by a fall in L’Oreal shares and political uncertainties in France.

The pan-European Stoxx 600 index ended 0.2% lower at 511.42, marking its fourth consecutive session of losses. /TISG

Read also: Singapore stocks lower again on Friday—STI dropped by 0.1%

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