Singapore shares open lower on Wednesday—STI drops 0.1%

SINGAPORE: Singapore shares opened lower on Wednesday, June 5, after US stocks bounced back from a morning drop to close higher on Tuesday.

According to The Business Times, the Straits Times Index (STI) opened 0.1%, or 3.12 points lower, at 3,335.82 by 9:02 a.m.

The broader market saw more gainers than losers, with 62 stocks rising and 27 falling. In the early hours of trading, 34.7 million securities worth S$54.1 million changed hands.

LifeBrandz was the most actively traded stock by volume, with 10 million shares exchanged.

However, its price stayed flat at S$0.002. Marco Polo Marine saw its shares rise by 1.5%, or S$0.001, to S$0.068. Yoma Strategic also gained, climbing 2.3%, or S$0.002, to S$0.09.

The banking sector experienced a weaker start. Shares of DBS retreated by 0.7% or S$0.25 to S$35.58. OCBC fell by 0.1% or S$0.02 to S$14.37, while UOB declined 0.2% or S$0.05 to S$30.76.

The mixed start in Singapore follows a recovery in US stocks on Tuesday. After initially falling, US markets closed higher as new data showed that job openings in April dropped to their lowest level since February 2021.

The S&P 500 climbed 0.2% to 5,291.34. The Dow Jones Industrial Average closed higher by 0.4% at 38,711.29, and the tech-heavy Nasdaq Composite Index also gained 0.2%, ending at 16,857.05.

In contrast, European markets declined on Tuesday due to falling commodity prices, which negatively affected mining and energy stocks. The Stoxx 600 fell 0.5% lower at 517.05 points, ending a three-day winning streak. /TISG

Read also: Singapore shares open lower on Tuesday—STI fell by 0.1%

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