Singapore stocks dipped on Thursday—STI fell by 0.2%

SINGAPORE: Singapore stocks dipped on Thursday, August 8, after DBS Bank announced Tan Su Shan as its new deputy CEO, in addition to her current position as Group Head of Institutional Banking.

She will take over as CEO from Piyush Gupta when he retires at the annual general meeting on March 28, 2025.

The Straits Times Index (STI) fell 0.2%, or 6.38 points, to 3,243.34 by 9:01 am, according to The Business Times.

In the broader market, 76 losers outpaced 50 gainers, with a total of 40.7 million securities worth S$65.3 million traded.

CapitaLand Integrated Commercial Trust (CICT) was the most actively traded stock by volume, with about 3.3 million units changing hands. CICT shares rose by 1.5%, or S$0.03, to S$2.10. Singtel shares were also actively traded, though its shares fell 0.7%, or S$0.02, to S$2.88. Meanwhile, Genting Singapore shares increased by 1.3%, or S$0.01, to S$0.805.

Banking stocks showed mixed results at the start of trading. DBS shares dropped 0.8%, or S$0.27, to S$33.38. UOB shares stayed flat at S$29.84, and OCBC shares were almost unchanged at S$14.07.

On Wall Street, markets finished lower on Wednesday after an early rally faded, showing ongoing concerns about recent market weakness. The tech-heavy Nasdaq Composite Index dropped 1.1% to 16,195.81. The S&P 500 fell 0.8%, ending at 5,199.5, while the Dow Jones Industrial Average declined 0.6% to 38,763.45.

A strong recovery in banking stocks on Wednesday led to Europe’s main stock index seeing its biggest one-day gain since November. However, Novo Nordisk, the continent’s largest company by market cap, fell after cutting its full-year profit outlook.

The pan-European Stoxx 600 rose 1.5 percent, or 7.52 points, closing at 495.96. Despite this rise, the index remained below the key 500-point mark after a recent selloff sparked fears of a US recession. /TISG

Read also: Singapore shares open higher on Wednesday—STI climbed 1%

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