Singapore stocks started Wednesday with a slight drop—STI edged down 0.1%

SINGAPORE: Singapore stocks started Wednesday, Oct 2, with a slight drop, following losses in global markets overnight.

The Straits Times Index (STI) edged down 0.1%, losing 4.13 points to sit at 3,576.83 by 9:01 am, The Business Times reports. In the broader market, 62 gained while 62 declined after 51.1 million securities valued at S$62.3 million were traded.

Rex International, an oil exploration and production company, led the trading volume. Its shares rose 6% to S$0.106, with 4.4 million shares traded.

Other active stocks included Pacific Radiance, which owns and operates offshore vessels. Its shares went up by 2% to S$0.052. RH Petrogas, another oil and gas firm, also saw its stock increase by 5.4%, reaching S$0.157.

Bank stocks had mixed results. UOB shares dropped by 0.2% to S$32.02, while DBS climbed by 0.2% to S$37.98. OCBC also gained 0.1%, trading at S$14.97.

On Tuesday, Wall Street closed lower. The drop came as markets reacted to a US port strike and rising tensions in the Middle East, with concerns over Iran’s missile strike against Israel.

The Dow Jones Industrial Average dropped 0.4% to 42,156.97. The S&P 500 also went down by 0.9% to 5,708.75, while the Nasdaq Composite Index lost by 1.5% to 17,910.36.

European markets also saw losses as investors moved away from riskier assets due to geopolitical concerns over a potential Iranian attack on Israel. The pan-European Stoxx 600 index fell 0.4%, closing at 520.88, after reaching a 0.5% gain earlier in the day. /TISG

Read also: Singapore stocks rose on Tuesday’s open—STI climbed 0.3%

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