Singapore shares dip on Friday—STI dropped by 0.8%

SINGAPORE: Despite broader regional gains, Singapore shares dip on Friday morning, mirroring overnight losses in the US market.

The Business Times reports, the Straits Times Index (STI) reported a drop of 25.9 points or 0.8%, resting at 3,209.11 as of 9:01 am. The morning session saw 89 decliners overshadowing 31 advancers, with a total of 62.9 million securities valued at S$57.8 million exchanging hands.

Among the most actively traded counters, Seatrium maintained stability at S$0.085 despite transacting 25.2 million securities. Singtel observed a decline of S$0.04 or 1.7% after trading four million shares, while Thomson Medical remained flat at S$0.054 following a transaction of 2.4 million securities.

The banking sector experienced a downturn early in the trading session, with DBS witnessing a decline of S$0.59 or 1.6% to S$35.73. OCBC shed S$0.07 or 0.5%, settling at S$13.69, and UOB was down S$0.28 or 1%, closing at S$29.18.

In the United States, market indices experienced a setback on Thursday, with the Nasdaq Composite Index dropping 1.4% to 16,049.08 and the Dow Jones Industrial Average falling 1.4% to 38,596.98. The broader S&P 500 also retreated by 1.2% to 5,147.21, influenced by concerns over rising oil prices attributed to tensions in the Middle East.

Conversely, European shares managed some gains on Thursday, driven by cyclical sectors like mining and automotive industries. Investor sentiment was buoyed by signs of economic recovery in the eurozone and improved inflation management. The pan-European Stoxx 600 edged up by 0.2%, closing at 510.84. /TISG

Read also: Singapore shares rose on Thursday—STI gained 0.5%

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