Singapore stocks start the week with little change on Monday—STI slipped by 0.02%

SINGAPORE: Singapore stocks start the week with little change on Monday, Sept 30, reflecting the mixed results seen in global markets over the weekend.

The Straits Times Index (STI) slipped by 0.02%, down 0.73 points to 3,572.63 by 9:01 am, according to The Business Times. In the broader market, 67 stocks gained compared to 47 that declined, with 49.6 million securities valued at S$40.4 million traded.

Zixin, a Chinese sweet potato biotech company, led the trading volume. Its shares jumped by 20%, gaining S$0.005 to reach S$0.03, with 11.1 million shares traded. Other active stocks included Genting Singapore, which saw its share price rise by 1.2% or S$0.01 to S$0.875.

Alset International, an investment firm, also climbed 10%, adding S$0.003 to its price to reach S$0.033.

Banking stocks showed mixed results at Monday’s open. DBS rose slightly by 0.1% or S$0.04 to S$37.64. Meanwhile, UOB dropped 0.8%, down S$0.27 to S$31.95. OCBC also saw a small dip, falling by 0.1% or S$0.01 to S$15.10.

In the US, Wall Street had a mixed close last Friday. The Dow Jones Industrial Average reached a record high, while the Nasdaq and S&P indices fell slightly but stayed close to their recent peaks.

A subdued inflation report sparked hopes for additional interest rate cuts by the Federal Reserve.

The Dow Jones Industrial Average gained 0.3% or 137.89 points to close at a record high of 42,313. However, the tech-heavy Nasdaq Composite fell by 0.4%, losing 70.7 points to 18,119.59, while the S&P 500 dipped 0.1% or 7.2 points to 5,738.17.

In Europe, markets saw a positive close, reaching a record high, driven by China’s latest stimulus measures and increasing confidence that interest rates in the US and Eurozone will likely decrease in the coming months.

The Stoxx Europe 600 Index gained 0.5% or 2.47 points, closing at 528.08. /TISG

Read also: Singapore stocks fell again on Friday’s open—STI dropped 0.1%

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