STI down 1.2%: Singapore shares dip at Monday’s open

SINGAPORE: Singapore shares dip at Monday’s open, with the Straits Times Index (STI) slipping 1.2% or 36.44 points to 3,143.33 by 9:01 am. The banking sector led the decline, with notable decreases in DBS, OCBC, and UOB shares, The Business Times reports.

In the broader market, losers outnumbered gainers, with 89 stocks in the red compared to 46 in the green. The total volume of shares traded stood at 53.6 million, amounting to S$91.9 million in value.

Taking the spotlight as the most active counter by volume was Seatrium, holding steady at S$0.10 per share with 5.9 million shares transacted. Additionally, Golden Agri-Resources garnered attention, trading at S$0.27 with 4.4 million shares changing hands.

Banking stocks faced early morning losses, as DBS declined by 1.3% or S$0.42 to S$31.80. OCBC followed suit, slipping 1.5% or S$0.20 to S$12.80, while UOB experienced a 0.8% drop, amounting to S$0.24, bringing its value to S$28.38.

On the global front, Wall Street witnessed positive momentum on Friday, with the Dow rising 134.62 points (0.35%) to 38,654.42, the S&P 500 gaining 52.42 points (1.1%) to 4,958.61, and the Nasdaq Composite climbing 267.35 points (1.7%) to 15,628.95.

Strong earnings outlooks and a robust January employment report bolstered confidence in the US economy despite the Federal Reserve’s less likely interest rate cut.

In contrast, European shares maintained a relatively stable position on Friday as upbeat corporate earnings offset hotter-than-expected US jobs data. The pan-European Stoxx 600 concluded the day flat at 483.93, remaining near two-year highs reached earlier in the week. /TISG

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