Singapore shares started on downward trajectory on Wednesday’s open; STI down 1.2%

SINGAPORE: On Valentine’s Day, Feb 14, Singapore’s stock market opened to a less-than-rosy picture. Singapore shares started on a downward trajectory on Wednesday’s open, mirroring global market trends, The Business Times reports.

The Straits Times Index (STI) dipped by 1.2% or 38.53 points, settling at 3,103.34. The reds outweighed the greens, with 97 losers against 22 gainers as trading commenced, witnessing a turnover of 71.9 million securities valued at S$108.7 million.

Seatrium led the trading volume charts, holding steady at S$0.089 after a robust 15.8 million securities exchange. Singtel and Mapletree Pan Asia Commercial Trust were also actively traded. Singtel marked a 0.9% drop, closing at S$2.31, while Mapletree Pan Asia Commercial Trust saw a 2.2% decline, finishing at S$1.34.

The banking trio of DBS, OCBC, and UOB faced downward pressure from the get-go. DBS saw a 1.1% decline, standing at S$32.13, followed by OCBC with a 1.6% drop to S$12.74 and UOB sliding by 0.9% to S$27.98.

The global market sentiment was primarily influenced by the slowdown in US consumer inflation, which fell less than anticipated, casting doubts on the likelihood of swift interest rate adjustments by the Federal Reserve.

On Wall Street, the Dow Jones Industrial Average wrapped up with a 1.4% retreat to 38,272.75, stepping back from Monday’s high. Similarly, the S&P 500 stumbled by 1.4% to 4,953.17, while the Nasdaq Composite Index witnessed a sharper decline of 1.8 %, settling at 15,655.6.

Over in Europe, markets echoed the cautious tone as traders recalibrated their expectations regarding early interest rate actions following the US inflation data. The pan-European Stoxx 600 index ended the day down by 1%, closing at 482.83. /TISG

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