Singapore stocks fell again on Friday’s open—STI dropped 0.1%

SINGAPORE: Singapore stocks fell again on Friday’s open, Sept 27, despite gains in global markets overnight.

The Straits Times Index (STI) dropped 0.1%, down by 2.12 points to 3,580.11 by 9.01 am, The Business Times reports.

In the broader market, 61 stocks gained while 39 declined, after around 30.8 million securities valued at S$41.2 million were traded.

Adventus Holdings led the trading volume. The investment firm saw its shares jump 16.7%, or S$0.001, to S$0.007, with six million shares exchanged.

Other companies seeing active trading included Progen Holdings and Genting Singapore. Progen, which specialises in air-conditioning systems, saw its shares rise 15.8%, or S$0.006, to S$0.044. Genting Singapore also posted a slight gain of 0.6%, or S$0.005, bringing its stock price to S$0.84.

Banking stocks saw a downward trend at the start of trading. UOB slipped by 0.1%, losing S$0.03 to trade at S$32.33. DBS also declined by 1%, dropping S$0.37 to S$37.93, while OCBC remained unchanged at S$15.23.

US stocks surged on Thursday, boosted by strong earnings from Micron and signals from Beijing about a possible additional stimulus. Analysts noted that Micron’s profitability provided a significant lift to tech stocks, with the computer memory chip maker’s shares soaring by nearly 15%.

The broad-based S&P 500 went up by 0.4%, hitting a new record. The Dow Jones Industrial Average rose 0.6% to reach 42,175.11, just short of its own record. The Nasdaq Composite Index also rose 0.6%, ending the day at 18,190.29.

European stocks saw a sharp rise, led by gains in China-exposed companies following news of aggressive economic stimulus from China. Chip stocks also performed well, bolstered by Micron’s strong revenue outlook. The pan-European Stoxx 600 index rose by 1.3% to close at 525.61 points, a new record high and coming just 0.2 points short of its intraday peak. /TISG

Read also: Singapore stocks open lower on Thursday—STI falls by 0.3%

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