Singapore shares started Thursday morning on a downward trend; STI dipped by 0.1%

SINGAPORE: Singapore shares started Thursday morning on a downward trend, echoing the losses in global markets overnight.

As reported by The Business Times, at 9:01 am, the Straits Times Index (STI) dipped by 0.1% or 2.02 points, settling at 3,215.09. Taking a broader view of the market, gainers managed to outnumber losers with a ratio of 62 to 38, witnessing a turnover of 40.1 million securities valued at S$51.7 million.

Dyna-Mac stands as the hot favourite among traders in terms of volume. It saw a rise of 1.9% or S$0.005, hitting S$0.275 after 3.6 million securities were exchanged.

Not far behind, Seatrium enjoyed brisk trading, climbing 1% or S$0.001 to S$0.101, while Geo Energy Resources experienced a 2.4% drop, falling to S$0.40.

The banking sector displayed a mixed bag in the early hours of trading. DBS slipped by 0.2% or S$0.07 to S$33.88. Meanwhile, OCBC managed to get a 0.2% gain or S$0.02, reaching S$13.40, but UOB took a hit, declining by 1.2% or S$0.35 to S$28.89.

In the United States, Wednesday’s market performance was a mixed bag, partly shaped by the Federal Reserve’s minutes indicating a potential slowdown in interest rate cuts.

The Dow Jones Industrial Average closed 0.1% higher at 38,612.24. Over in the S&P 500, there was a modest gain of 0.1%, pushing it to 4,981.80, while the Nasdaq Composite Index saw a 0.3% dip, landing at 15,580.87.

European markets faced a similar fate on Wednesday, with shares turning downward. Banking stocks, in particular, suffered losses alongside declines in healthcare shares. The pan-European Stoxx 600 index decreased by 0.2% to 491.05. /TISG

Read also: Singapore shares took a dip on Wednesday—STI declined 0.6%

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