Singapore stocks opened lower on Friday—STI dipped 0.2%

SINGAPORE: Singapore stocks opened lower on Friday (Jan 17), following losses in the US markets overnight. The Straits Times Index (STI) dipped 0.2% or 7.67 points to 3,793.46 at 9:01 am, The Business Times reported.

In the broader market, 43 stocks declined while 40 gained, with 17.4 million securities valued at S$41.8 million traded.

Thai Beverage led in trading volume. Its share price dropped 0.9% or S$0.005 to S$0.535, with two million shares traded. CapitaLand Investment held steady at S$2.49, while Pollux Properties rose 4.4% or S$0.001 to S$0.024.

Mapletree Logistics Trust gained 0.8% or S$0.01 to S$1.28. This followed the trust’s announcement on Thursday of the sale of a property in Tuas for S$11.2 million, which is 39.8% above its latest valuation.

Local banks were also down at the start of trading. DBS dropped 0.4% or S$0.19 to S$43.59, UOB decreased 0.2% or S$0.06 to S$37, and OCBC fell 0.2% or S$0.03 to S$16.99.

The dip in Singapore followed Wall Street’s decline on Thursday as concerns over inflation resurfaced after the release of new consumer pricing data. The Dow Jones Industrial Average fell 0.2% to 43,153.13, the S&P 500 dropped 0.2% to 5,937.34, and the Nasdaq Composite Index retreated 0.9%, closing at 19,338.29.

In Europe, markets fared better. The pan-European Stoxx 600 index increased 1% to 520.05, its highest level since mid-December, supported by gains in luxury and semiconductor stocks. /TISG

Read also: Singapore stocks traded higher at Thursday’s open—STI advanced 1.2%

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