Singapore stocks dip on Thursday—STI dropped by 0.3%

SINGAPORE: Singapore stocks dipped on Thursday, Aug 22, despite gains in global markets the night before.

The Straits Times Index (STI) dropped by 0.3%, or 9.23 points, settling at 3,364.53 at 9:01 am, according to The Business Times.

In the broader market, there were 54 gainers compared to 41 losers, with 23.9 million securities traded, valued at S$30.7 million.

Genting Singapore was among the most actively traded stocks but saw a 1.2% drop, losing S$0.01 to trade at S$0.81. CapitaLand Integrated Commercial Trust also experienced a drop, with its shares down 0.5% or S$0.01 to S$2.07. On the other hand, Seatrium’s shares saw a slight rise, gaining 0.7% or S$0.01 to reach S$1.45. 

The banking sector didn’t fare as well, with all three of Singapore’s major banks opening lower. DBS fell by 0.3% or S$0.09 to S$35.69, OCBC dropped 0.1% or S$0.01 to S$14.33, and UOB slipped by 0.2% or S$0.06 to S$30.62.

Meanwhile, global markets were buoyed by growing expectations that the US Federal Reserve might take a more accommodative stance.

US stocks saw an uptick on Wednesday, driven by growing hopes that the Federal Reserve might lower interest rates. Investors are now looking ahead to Friday, when Fed Chairman Jerome Powell is set to speak at the annual gathering of central bankers in Jackson Hole. The Dow Jones Industrial Average inched up 0.1% to 40,890.49. The S&P 500 rose 0.4% to 5,620.85, while the Nasdaq Composite Index gained 0.6% to 17,918.99.

In Europe, the mood was similarly upbeat, with shares rising as automobile stocks gained. Investors were also anticipating the US Federal Reserve’s July meeting minutes. The pan-European Stoxx 600 index rose 0.3%, closing at 513.95. /TISG

Read also: Singapore stocks open lower on Wednesday—STI edged down by 0.1%

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