Singapore stocks dropped on Friday’s open—STI fell 0.2%

SINGAPORE: Singapore stocks dropped on Friday’s open, Oct 4, following rising tensions in the Middle East which led to declines in Wall Street and European stocks.

The Straits Times Index (STI) fell 0.2%, or 5.41 points, at 3,572.02 by 9:02 am, The Business Times reports.

In the market, 60 stocks rose while 55 fell, after a total of 43.3 million securities valued at S$49.8 million were traded.

Oil exploration company Rex International saw the most activity, with its shares rising by 3.4% to S$0.122 after 8.1 million shares were traded. Another active stock was Parkson Retail, which jumped 13.2% to S$0.077. RH Petrogas, an upstream oil producer, also saw its shares rise by 4.7% to S$0.18.

Banking stocks were mixed at the start of the day. DBS edged up 0.1% to S$37.86, while UOB dropped 0.4% to S$31.60 and OCBC slipped 0.3% to S$14.87.

Overnight, US stocks extended their losses, as investors continued to monitor tensions in the Middle East while awaiting key US jobs data.

The Dow Jones Industrial Average fell by 0.4% to 42,011.59. The S&P 500 dropped 0.2% to 5,699.94, and the Nasdaq Composite Index dipped slightly by less than 0.1%, closing at 17,918.48.

In Europe, stocks fell on Thursday as investors grew cautious about taking risks due to heightened geopolitical tensions in the Middle East, with most sectors declining except for energy companies. The Stoxx 600 index fell 0.9% to 516.29, hitting its lowest level in over a week. /TISG

Read also: Singapore shares rose on Thursday’s open—STI climbed 0.2%

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