Singapore Exchange Limited in Singapore

SINGAPORE: Singapore shares experienced a downturn on Friday, with local banks leading the plunge.

The Business Times reported that the Straits Times Index (STI) stumbled by 0.5% or 14.59 points, settling at 3,208.35 as of 9:01 am.

In the broader market, losers overshadowed gainers, with a tally of 63 to 53, as 53.6 million securities valued at S$60.7 million changed hands.

Genting Singapore emerged as the most actively traded counter by volume, witnessing a dip of 6.3% or S$0.065 to S$0.965, following the transaction of 16.8 million securities.

Seatrium traded flat at S$0.10 after 9.8 million securities changed hands. Meanwhile, Thai Beverage managed to gain 1% or S$0.005, with 1.9 million shares exchanging hands.

Banking stocks endured a collective downturn in early morning trade. DBS slipped by 0.1% or S$0.04 to S$33.91. OCBC saw a decline of 0.7% or S$0.10 to S$13.35, while UOB fell by 0.5% or S$0.14 to S$28.36.

The Dow Jones index in the US soared above 39,000 for the first time on Thursday. This bullish surge followed substantial earnings from chipmaker Nvidia, fuelling enthusiasm over artificial intelligence.

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The Dow wrapped up at 39,069.11, marking a 1.2% increase. Similarly, the S&P 500 surged by 2.1% to 5,087.03, while the Nasdaq Composite Index experienced a 3% leap, settling at 16,041.62.

In Europe, the Stoxx 600 index scaled to an all-time high on Thursday, propelled by the performance of technology shares in response to Nvidia’s exceptional results.

The European Central Bank’s optimistic stance on inflation also contributed to the buoyant market sentiment. The pan-European Stoxx 600 witnessed a nearly 1% rise, closing at 495.10, surpassing its previous peak set in Jan 2022. /TISG

Read also: Singapore shares started Thursday morning on a downward trend; STI dipped by 0.1%

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