Singapore stocks open lower on Wednesday—STI edged down by 0.1%

SINGAPORE: Singapore stocks open lower on Wednesday, Aug 21. The Straits Times Index (STI) edged down by 0.1%, or 1.77 points, to 3,368.54 at 9:04 am, according to The Business Times.

In the broader market, 72 stocks fell compared to 60 that advanced, with 58.4 million securities worth S$68.2 million traded.

In-flight caterer Sats was the most actively traded stock, rising 8.1%, or S$0.26, to S$3.48, with 3.8 million shares exchanged.

This surge followed the company’s announcement of a net profit of S$65 million for the first quarter ending June 30, a sharp turnaround from the S$29.9 million loss recorded in the same period last year. 

Seatrium also saw significant trading activity, with its shares climbing 0.7%, or S$0.01, to S$1.43. Meanwhile, Genting Singapore declined 0.6%, or S$0.005, bringing its share price down to S$0.815.

Singapore’s three largest banks had a mixed start to the trading day. DBS saw a slight increase of 0.1%, or S$0.03, lifting its share price to S$35.88. UOB, however, dropped 0.3%, or S$0.09, to S$30.70. OCBC’s share price remained flat, with its share price holding steady at S$14.38.

On Wall Street, stocks dipped on Tuesday after an earlier rally, boosted by strong retail sales figures and a cooler inflation report, as investors focus on an upcoming speech by the US Federal Reserve chief.

The Dow Jones Industrial Average dropped 0.2% to 40,834.97, while the S&P 500 Index also fell 0.2% to 5,597.12. The tech-heavy Nasdaq Composite Index declined by 0.3% to 17,816.94.

Meanwhile, Europe’s main stock index ended a five-day winning streak on Tuesday, pulled down by heavyweight energy stocks, as investors assessed domestic economic data.

The pan-European Stoxx 600 index fell 0.5%, closing lower at 512.27, retreating from the near-three-week high it had reached earlier in the day. /TISG

Read also: Singapore stocks slightly rose on Tuesday—STI edged up by 0.1%

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