Singapore stocks open lower on Thursday—STI fell by 0.6%

SINGAPORE: Singapore stocks open lower on Thursday, July 25, reflecting the overnight losses experienced in global markets.

The Straits Times Index (STI) fell by 0.6%, or 18.88 points, to 3,441.94 at 9:01 am, The Business Times reports.

In the broader market, 95 stocks were down compared to only 27 that were up, with 41.4 million securities worth S$48.3 million traded.

Yoma Strategic was the most actively traded stock by volume. It rose 6.9%, gaining S$0.008 to S$0.124, with 8.3 million shares traded. On the other hand, Mapletree Logistics Trust dropped by 2.96%, falling S$0.03 to S$1.32. Genting Singapore also declined, down 1.2% or S$0.01 to S$0.84.

Banking stocks also saw declines. DBS edged down 0.1%, dropping S$0.05 to S$36.69. OCBC retreated by 1%, down S$0.15 to S$14.96, while UOB fell by 0.5%, dropping S$0.16 to S$32.72.

On Wednesday, Wall Street experienced significant losses driven by investor reactions to earnings reports from tech giants Tesla and Alphabet, Google’s parent company.

The tech-heavy Nasdaq Composite Index fell by 3.6%, losing more than 650 points to close at 17,342.41. The Dow Jones Industrial Average dropped by 1.3% to 39,853.87, while the S&P 500 declined by 2.3% to 5,427.13.

European markets followed a similar pattern, with the drop mainly influenced by the luxury sector. European shares closed lower due to disappointing results from LVMH. The pan-European Stoxx 600 index ended down 0.6% at 512.3. /TISG

Read also: Singapore stocks open lower on Wednesday—STI dipped by 0.4%

Featured image by Depositphotos