Singapore stocks dropped at the start of trading on Tuesday—STI fell 0.5%

SINGAPORE: Singapore stocks dropped at the start of trading on Tuesday, Oct 22, following losses in overseas markets.

The Straits Times Index (STI) fell 0.5%, losing 17.96 points to 3,596.62, by 9:03 am, as reported by The Business Times.

In the broader market, 85 stocks fell, while only 47 gained after a total of 57 million securities valued at S$84.2 million were traded.

Matex International, a speciality chemical manufacturer, led the trading volume. Its shares increased by 5.3%, or S$0.001, to S$0.02, with six million shares exchanged.

Other actively traded stocks included Mapletree Pan Asia Commercial Trust, which dipped 0.7%, or S$0.01, to S$1.43. CapitaLand Integrated Commercial Trust was down 1%, or S$0.02, to S$2.08.

Bank stocks also opened lower. DBS shares fell 0.3%, or S$0.11, to S$39.05. OCBC edged down 0.1%, or S$0.01, to S$15.27, and UOB dropped 1.2%, or S$0.40, to S$32.08.

In the US, Wall Street closed mixed on Monday, as rising treasury bond yields and upcoming earnings reports affected investor sentiment.

The Dow Jones Industrial Average fell 0.8% to 42,931.6, and the S&P 500 dropped 0.2% to 5,853.98. However, the Nasdaq Composite Index managed a 0.3% gain, closing at 18,540.01.

European stocks also closed lower on Monday as investors awaited corporate earnings reports. The Stoxx 600 index closed 0.6% lower to 521.52 on Monday. The real estate sector saw the biggest losses, dropping nearly 2%, while energy stocks gained as oil prices stabilised./TISG

Read also: Singapore shares opened the week with little movement on Monday—STI slipped slightly by 0.04%

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