SINGAPORE: Singapore stocks opened lower on Friday (Dec 6), mirroring declines in the broader Asian market. The Straits Times Index (STI) dropped 0.4%, or 14.78 points, to 3,807.9 by 9:03 am, The Business Times reported.
In the broader market, 56 stocks fell while 55 gained, with 54.3 million securities valued at S$88.2 million traded.
OKH Global led the trading volume, with nearly 11 million shares exchanged. On Wednesday, the company announced plans to acquire Chip Eng Seng Construction for about S$118.5 million. OKH said the deal could strengthen its business and support future growth. Its shares rose by 7.7%, or S$0.002, to S$0.028.
Singapore Post (SingPost) also saw significant trading, with 2.4 million shares exchanged. The company has been placed on CreditWatch negative by S&P Global Ratings after selling its Australian business and adjusting its future strategy. S&P noted that the sale would result in the loss of an earnings pillar. SingPost shares dropped 0.9%, or S$0.005, to S$0.585.
Banking stocks also declined in the morning trade. DBS was down 0.6%, or S$0.27, to S$43.99. OCBC slipped 0.3%, or S$0.05, to S$16.32, while UOB fell 0.9%, or S$0.32, to S$36.83.
Asian stocks followed a decline in US markets as investors awaited jobs data that could influence the Federal Reserve’s policy later this month. Shares in Japan and Australia also dropped, reflecting Wall Street’s negative sentiment.
US stocks pulled back from record highs on Thursday. The S&P 500 dropped 0.2% to 6,075.11, ending four consecutive record highs. The Dow Jones Industrial Average declined 0.6% to 44,765.71, while the tech-heavy Nasdaq Composite Index fell 0.2% to 19,700.72.
European stocks hit their highest level in over a month, boosted by gains in bank shares as investors anticipated a new budget in France following the fall of Prime Minister Michel Barnier’s government.
The pan-European Stoxx 600 rose 0.4%, marking its sixth consecutive session of gains, while France’s CAC 40 edged up 0.3% after reaching a three-week high. /TISG
Read also: Singapore stocks traded higher on Thursday morning—STI rose 0.6%
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