Sign of SGX, Singapore Exchange Limited

SINGAPORE: Singapore shares remained relatively unchanged on Friday morning, following the data released about Singapore’s economic growth on the Monetary Authority of Singapore (MAS) monetary policy statement for April 2024.

To break it down, Singapore’s gross domestic product (GDP) saw a 2.7% uptick compared to the same period last year in the first quarter of 2024. However, the sequential growth stood at a modest 0.1%, as per the initial estimates by the Ministry of Trade and Industry.

Meanwhile, MAS opted to maintain its monetary policy status during its April review, in line with what the market had anticipated.

The Business Times reports, at 9:02 am, the Straits Times Index (STI) showed a slight uptick, gaining 1.15 points or 0.04% to reach 3,228.76.

In the broader market landscape, gainers slightly outnumbered losers, with 60 stocks in the green against 39 in the red, amid transactions worth S$51.3 million involving 45.2 million securities changing hands.

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Taking the spotlight in terms of trading activity was Marco Polo Marine witnessing a 4.55% surge in volume. The counter saw a 3% rise, or S$0.002 increase, settling at S$0.068, following a transaction volume of 9.9 million securities.

Other notable movers included Beverly JCG, which enjoyed an 8.33% surge, climbing S$0.001 to reach S$0.013 after 6.4 million shares were traded. King Wan also attracted investor interest, recording a 7.7% increase, or S$0.002 rise, reaching S$0.028, with 4.8 million securities changing hands.

Among banking stocks, there was a general flat trend. DBS saw a 0.4% uptick, or S$0.15 rise, reaching S$36.15, OCBC remained steady at S$13.86, while UOB traded flat at S$29.50.

Tech shares spurred gains in the US equities on Thursday, despite mixed inflation data. The Nasdaq Composite Index, heavily weighted towards technology stocks, surged by 1.7%, closing at 16,442.20 points, while the broader S&P 500 marked a 0.7% increase, reaching 5,199.06 points.

On the flip side, the Dow Jones Industrial Average saw a marginal dip of 0.01%, closing at 38,459.08 points.

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European shares took a hit on Thursday, sliding to a one-month low. The decline was largely attributed to losses in the banking sector, triggered by the European Central Bank’s decision to maintain steady interest rates while hinting at possible future cuts. The pan-European Stoxx 600 index retreated by 0.4%, closing at 504.55 points. /TISG

Read also: Singapore stocks took a hit on Thursday—STI down 0.9%

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