Singapore stocks traded lower on Monday’s open—STI dropped 0.3%

SINGAPORE: Singapore stocks traded lower on Monday’s open, reflecting the downturn seen in global markets last Friday. The Straits Times Index (STI) dropped 0.3% or 11.05 points to 3,790.51 at 9:01 am, as reported by The Business Times.

In the broader market, 76 stocks fell while 33 gained, with 36.9 million securities valued at S$43.6 million traded.

Clearbridge Health, a medical technology company, led in trading volume with 5.8 million shares traded. Its share price remained steady at S$0.004.

Other heavily traded stocks were Rex International, which gained 3.7% or S$0.005 to S$0.139, and CapitaLand Integrated Commercial Trust, which retreated 1% or S$0.02 to S$1.92.

Singapore’s major banks also fell at the open. DBS dropped by 0.2% or S$0.09 to S$44.04. OCBC fell 0.8% or S$0.13 to trade at S$16.97. UOB declined 0.3% or S$0.12 to S$36.70.

US stocks fell on Friday after a strong employment report raised expectations that the Federal Reserve might reduce the number of interest rate cuts this year.

The Dow Jones Industrial Average retreated 1.6% to 41,938.45. The S&P 500 declined 1.5% to 5,827.04, and the Nasdaq Composite also fell 1.6% to 19,161.63.

European markets also experienced their biggest drop in three weeks last Friday after a strong US jobs report raised new worries about inflation and increased expectations that the Federal Reserve would take a cautious stance on cutting interest rates.

The pan-European Stoxx 600 index fell 0.8% to 511.50, its largest drop since Dec 20. /TISG

Read also: Singapore stocks fell as trading began on Friday—STI dropped 0.9%

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