Singapore stocks showed little movement as trading began on Wednesday

SINGAPORE: Singapore stocks showed little movement as trading began on Wednesday, Dec 11, following China’s weak trade figures and in anticipation of US inflation data.

The Straits Times Index (STI) gained just 0.16 points to 3,813.71 by 9:01 am, as reported by The Business Times. In the broader market, 46 stocks fell while 45 rose, with 46.8 million securities valued at S$82.4 million traded.

Genting Singapore led in trading volume. Its share price stayed flat at S$0.775, with 9.5 million shares traded.

Other heavily traded stocks included Thai Beverage, which increased by 1.8%, or S$0.01, to S$0.575, and Yangzijiang Shipbuilding, which rose by 1.9%, or S$0.05, to S$2.76.

The three local banks showed mixed results as trading began. UOB slipped 0.2% or S$0.07 to S$37.08, and DBS fell 0.3% or S$0.14 to S$43.86. Meanwhile, OCBC gained 0.7% or S$0.12 to S$16.85.

In the United States, Wall Street closed lower on Tuesday as markets took a break from the post-election rally. Meanwhile, Google’s parent company, Alphabet rose sharply following a “major” technology announcement.

After the announcement of Google’s new quantum computing chip, which could drive progress in drug discovery, fusion energy, and other fields, Alphabet surged 5.3%.

US stocks have dropped over the past two days as investors remain cautious ahead of key inflation data.

The Dow Jones Industrial Average dropped 0.4% to 44,247.83 points, while the S&P 500 fell 0.3% to 6,034.91, and the Nasdaq Composite Index declined 0.3% to 19,687.24.

The losses come ahead of Thursday’s consumer price index report, which the Federal Reserve will closely monitor. The US central bank is also expected to cut interest rates this month.

In Europe, the pan-European Stoxx 600 index fell 0.5% to 518.49 points, with France’s CAC 40 losing 1.1%, the largest drop among major European markets.

Luxury stocks led the declines, hit by weak trade data from China, while investors awaited the European Central Bank’s policy decision later in the week.

China’s exports slowed sharply, and imports unexpectedly shrank in November, raising concerns about the health of the world’s second-largest economy. /TISG

Read also: Singapore stocks rose as trading began on Tuesday—STI gained 0.6%

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