Singapore stocks fell on Wednesday’s open—STI slipped by 0.1%

SINGAPORE: Singapore stocks fell on Wednesday’s open, Aug 28, even though global markets saw gains overnight. The Straits Times Index (STI) slipped by 0.1%, down 1.65 points to 3,396.82 at 9:01 am, according to The Business Times.

In the broader market, 51 counters were in the red compared to 48 in the green after early trading saw 25.9 million securities change hands, valued at approximately S$25.2 million.

Thai Beverage was among the most actively traded stocks, which stood out with a 2.9% increase. The company’s shares rose by S$0.015 to S$0.535, with 11.5 million shares traded.

On the flip side, Keppel Infrastructure Trust experienced a 4.3% drop in its share price, falling from S$0.02 to S$0.445. This decline follows the closing of its private placement aimed at raising S$200 million, priced at S$0.438 per unit, with 456.6 million new units issued.

Genting Singapore’s shares dropped by 3.1%, or S$0.025, to S$0.79.

The banking sector showed mixed results at the start of trading. DBS edged down by 0.03%, losing S$0.01 to trade at S$35.89. OCBC followed suit, slipping 0.1%, or S$0.02, to S$14.45. Meanwhile, UOB gained slightly, rising 0.2%, or S$0.07, to S$31.10.

On Tuesday, Wall Street stocks ended higher as investors anticipated Nvidia’s earnings report later this week. Both the S&P 500 and the Nasdaq Composite Index gained 0.2%.

The S&P 500 closed at 5,625.8, while the Nasdaq ended at 17,754.82. The Dow Jones Industrial Average was nearly unchanged, closing at 41,250.5.

European markets also saw modest gains, buoyed by gains in the banking and travel sectors, though trading was cautious, with key economic data expected later in the week. The pan-European Stoxx 600 index rose by 0.2% to 518.88 points. /TISG

Read also: Singapore stocks showed little movement on Tuesday—STI dipped 0.01%

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