Singapore shares fell on Thursday—STI dropped 0.1%

SINGAPORE: Singapore shares fell on Thursday, Aug 29, after mixed global market trends from the previous night.

The Straits Times Index (STI) dropped 4.78 points, or 0.1%, to 3,386.25 just minutes after the market opened at 9:01 am, as reported by The Business Times.

In the broader market, 54 stocks declined compared to 38 that advanced, after a total of 25.4 million securities worth S$40.1 million were traded.

Singtel and Genting Singapore were the most actively traded stocks. Singtel saw a modest gain of S$0.01, or 0.3%, reaching S$2.94 with 4.6 million shares traded. On the other hand, Genting Singapore experienced a slight dip. Its shares fell by S$0.005 or 0.6%, settling at S$0.785, with 2.4 million exchanged.

Another stock that was actively traded was Trans-China Automotive Holdings. The automotive dealership group posted a gain, with its share price rising by S$0.005 or 6.9%, reaching S$0.078.

Local banks showed mixed results in early trading. United Overseas Bank (UOB) was the sole gainer among the three major local banks, inching up by S$0.06 or 0.2% to S$30.92. DBS decreased S$0.01, but held steady at S$35.67. Oversea-Chinese Banking Corporation (OCBC) slipped by S$0.04 or 0.3% to S$14.36.

On Wednesday, Wall Street indices fell as traders awaited Nvidia’s earnings report after the market closed. The Dow Jones Industrial Average declined by 0.4% to close at 41,091.42, while the S&P 500 dropped by 0.6% to 5,592.18. The tech-heavy Nasdaq Composite saw the most significant drop, closing down 1.1% at 17,556.03.

In contrast, European markets ended on a more positive note, buoyed by gains in insurance and chemical stocks. The Stoxx 600 index climbed 0.3% to 520.6, reaching its highest level since July. /TISG

Read also: Singapore stocks fell on Wednesday’s open—STI slipped by 0.1%

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