Singapore stocks declined on Thursday—STI dipped by 1.1%

SINGAPORE: Singapore stocks declined on Thursday morning, mirroring the lacklustre performance seen in global markets.

The Business Times reported that the Straits Times Index (STI) dipped by 1.1%, down 37.1 points to 3,256.03. The market saw more losers than gainers, with 84 stocks on the decline compared to 30 on the rise, as 63.1 million securities valued at S$86 million changed hands.

Genting Singapore hogged the spotlight as the most actively traded counter by volume. It slipped by 2.7%, or S$0.025, reaching S$0.915, with 16.8 million securities traded.

Other counters that saw brisk trading included Seatrium, which dropped by 1.2% or S$0.001 to S$0.085, after 8.4 million shares changed hands, and Yoma Strategic, which was down by 2.3%, or S$0.001, closing at S$0.043, with 3.1 million securities exchanged.

Banking stocks also took a hit in early trading. DBS fell by 1% or S$0.33 to S$34.05, OCBC shed 0.1% or S$0.01 to S$14.14, and UOB sank by 2.8% or S$0.86 to S$30.29.

Across the pond in the US, stocks closed with little change on Wednesday, with investors awaiting key US inflation data. The Nasdaq Composite Index managed to inch up by 0.1% to 15,712.75, while the S&P 500 saw a marginal rise of 0.02%, closing at 5,071.63. However, the Dow Jones Industrial Average ended the day 0.1% lower at 38,460.92.

In Europe, shares took a downturn on Wednesday, primarily dragged down by losses in the financial sector. The pan-European Stoxx 600 slipped by 0.4% to close at 505.61. /TISG

Read also: Singapore shares opened higher on Wednesday—STI climbed 0.4%