Singapore stocks fell on Friday—STI dipped by 0.2%

SINGAPORE: Singapore stocks fell on Friday, March 22, brushing aside the overnight gains witnessed in both US and European markets.

The Business Times reports the Straits Times Index (STI) dipped by 5.07 points or 0.2% to 3,215.3 as of 9:01 am. Gainers slightly outnumbered losers with 52 to 50, while 40 million securities worth S$55.1 million changed hands in the broader market.

Thai Beverage saw significant trading activity, holding steady at S$0.495 after trading 8.4 million securities. Other actively traded counters included Seatrium, maintaining its position at S$0.08, and Genting Singapore, marking a modest rise of S$0.005 or 0.6%, closing at S$0.895.

In early trade, the three local banks showed mixed performance. DBS advanced S$0.02 or 0.1% to S$35.68, OCBC shed S$0.04 or 0.3% to S$13.60, while UOB declined S$0.30 or 1% to S$28.92.

US equities closed higher on Thursday, driven by trader optimism after the Federal Reserve hinted at potential interest rate cuts this year.

The Dow Jones Industrial Average surged by 0.7%, reaching 39,781.37 points. Similarly, the S&P 500 experienced a modest rise of 0.3%, closing at 5,241.53, while the Nasdaq edged up by 0.2%, settling at 16,401.84.

Riding on this wave, European shares also soared, buoyed particularly by technology and mining stocks, to reach a record high on Thursday. The pan-European Stoxx 600 closed 0.9% higher at 509.77. /TISG

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