Singapore shares open lower on Thursday—STI dropped by 0.6%

SINGAPORE: Singapore shares open lower on Thursday, July 18, after mixed results seen in US and European markets overnight.

The Straits Times Index (STI) dropped by 0.6%, losing 20.25 points to settle at 3,469.32 by 9:01 am, as reported by The Business Times.

The broader market had 89 losers outnumbering 29 gainers, as 50.5 million securities worth S$86.1 million were traded.

Genting Singapore was the most actively traded stock by volume. Its shares decreased by 1.2%, down S$0.01 to S$0.855, with 6.1 million shares exchanged. Singtel also saw a decline of 1.3%, or S$0.04, bringing its share price to S$2.98, with 5.2 million shares traded. In contrast, Marco Polo Marine saw a 1.7% rise, or S$0.001 to S$0.061, with 2.1 million shares transacted.

The three local banks also started the day lower. DBS fell by 0.8%, or S$0.28, to S$37. UOB slipped by 0.2%, or S$0.06, to S$32.90, and OCBC dropped by 0.6%, or S$0.09, to S$15.13.

In the US, markets closed mixed on Wednesday. The S&P 500 and Nasdaq ended lower amid concerns about tech stocks being overbought. However, the Dow Jones Industrial Average continued its upward trend, achieving a third consecutive record high. This gain was attributed to an inflow of funds into underperforming sectors. The Dow rose by 0.6%, closing at 41,198.08. The S&P 500 fell by 1.4%, ending at 5,588.27, while the tech-heavy Nasdaq Composite dropped by 2.8% to 17,996.92.

European markets ended lower for the third straight day on Wednesday. Investor sentiment was dampened by ongoing US-China trade tensions, with the focus shifting to the upcoming rate decision of the European Central Bank.

The pan-European Stoxx 600 index fell by 0.5% to 514.83, hitting a one-week low. The technology sub-index took a significant hit, dropping by 4.5%, the biggest single-day decline since December 2022. /TISG

Read also: Singapore stocks open slightly higher on Wednesday

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