SINGAPORE: Singapore stocks started the week on a weaker note on Monday, May 27, following a mixed close to global markets last week.
The Business Times reported that the Straits Times Index (STI) fell slightly by 0.1% or 3.64 points to 3,312.92 by 9:04 a.m.
The broader market showed some positive signs, with 75 stocks rising and 39 falling, as 57.2 million securities worth S$63.1 million were traded.
The most actively traded stock was Seatrium, which surged 9.1% or S$0.14 to S$1.68 after the company announced S$11 billion in new contracts on Saturday. Seatrium saw 13 million shares change hands.
Other heavily traded stocks included Oceanus, which stayed at S$0.009 with 3.6 million shares traded, and Marco Polo Marine, which rose 1.5% or S$0.001 to S$0.068.
Banking stocks declined on Monday morning. DBS dropped 0.5%, or S$0.16, to S$35.71. UOB fell by 0.4%, or S$0.11, to S$30.44, and OCBC decreased by 0.1%, or S$0.02, to S$14.43.
In the United States, stock indices closed higher on Friday, boosted by investor confidence in companies related to artificial intelligence. Nvidia, a major player in this field, saw its stock rise by 2.6%.
The Nasdaq Composite Index increased by 1.1% to close at 16,920.8, while the broad-based S&P 500 went up 0.7% to 5,304.72. The Dow Jones Industrial Average ended almost unchanged at 39,069.59.
European markets closed lower on Friday, with stocks down for the week due to concerns over potential interest rate cuts.
The pan-European Stoxx 600 index dipped by 0.2% to 520.57, resulting in a weekly loss of nearly 0.4%, the largest in three weeks. /TISG
Read also: Singapore stocks dipped on Friday—STI dropped by 0.4%
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