SINGAPORE: Singapore stocks fell as trading began on Thursday (Dec 12), weighed down by declines in major bank shares after mild US inflation data raised hopes for an interest rate cut this month. The Straits Times Index (STI) slipped 0.1% or 5.01 points to 3,787.81 at 9:01 am, according to The Business Times.
In the broader market, 74 stocks gained while 32 declined, with 106.5 million securities valued at S$79.3 million traded.
Marco Polo Marine led in trading volume with 4.3 million shares traded. The marine logistics company gained 1.9% or S$0.001 to S$0.055. This followed recent news that its CEO Sean Lee purchased two million shares at S$0.053 per share on Dec 4. Over the past five days, the stock has gained 1.8%.
Thai Beverage also traded actively, with 3.4 million shares exchanged, though its price stayed flat at S$0.575.
The three major local banks were down as trading began. DBS retreated 1% or S$0.43 to S$43.25. UOB declined 0.9% or S$0.33 to S$36.77, while OCBC slipped 0.1% or S$0.01 to S$16.62.
In the US, Wall Street stocks showed mixed results. The tech-heavy Nasdaq Composite Index gained 1.8%, ending above 20,000 for the first time at 20,034.9. Strong performances by Amazon, Meta Platforms, and Google’s Alphabet lifted the index.
The S&P 500 also increased 0.8% to 6,084.19, while the Dow Jones Industrial Average fell 0.2% to 44,148.56.
In Europe, markets initially struggled but later recovered after US inflation data raised hopes for a Federal Reserve rate cut next week. The pan-European Stoxx 600 rose 0.3% to 519.95 points, having fallen earlier due to concerns over the French government’s ability to pass its budget. /TISG
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