Singapore stocks fell on Wednesday—STI dropped by 1.7%

SINGAPORE: Singapore stocks fell on Wednesday’s open, Sept 4, following a night of losses in global markets. The Straits Times Index (STI) dropped by 1.7%, losing 57.63 points to reach 3,422.71 at 9:01 am, according to The Business Times.

In the broader market, 125 stocks dropped, and only 16 gained, with 50.9 million securities worth S$83.9 million exchanged.

Wilton Resources stood out as the most actively traded stock by volume. Its shares rose by 22.2%, adding S$0.002 to reach S$0.011, with 8.2 million shares traded.

On the other hand, CapitaLand Integrated Commercial Trust (CICT) fell by 4.2%, losing S$0.09 to trade at S$2.04. This drop came after the trust closed its private placement at S$2.04 per unit.

The S$350.3 million raised through this placement will fund the proposed acquisition of a 50% stake in Ion Orchard and its connecting underpass.

Seatrium, another actively traded stock, also saw a decline of 1.9%, dropping S$0.03 to S$1.54.

Banking stocks also took a hit at the open. DBS fell 2%, losing S$0.74 to trade at S$36.51. OCBC dropped by 2.4%, shedding S$0.35 to reach S$14.42, while UOB slipped 1.6%, down S$0.52 to S$31.42.

In the United States, Wall Street closed lower on Tuesday as semiconductor stocks, including Nvidia, retreated ahead of key jobs data due later in the week. The tech-heavy Nasdaq dropped 3.3% to close at 17,136.3, marking a tough start to September.

The Dow Jones Industrial Average also fell, losing 1.5% to 40,936.93. Meanwhile, the S&P 500 declined by 2.1%, ending at 5,528.93.

The mood in Europe was similarly bleak. European shares experienced their steepest decline in almost a month, triggered by concerns over global economic growth following weak US manufacturing data. The pan-European Stoxx 600 index fell by 1%, closing at 519.84. /TISG

Read also: Singapore stocks rose on Tuesday—STI edged up by 0.2%

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