SINGAPORE shares edged lower at the opening bell on Monday (Jul 8), maintaining a downtrend from Friday’s closing in the prior week.
As at 9.01 am, the Straits Times Index (STI) fell 5.77 points or 0.2 per cent to 3,405.04. Across the broader market, gainers outnumbered losers 73 to 52 after 35 million securities worth S$47.2 million changed hands.
GSS Energy was the most actively traded counter in terms of volume. The Catalist-listed precision engineering company rose S$0.002 or 7.1 per cent to S$0.03 after 4.5 million of its shares were traded.
Shares of offshore oil and gas contractor Dyna-Mac were briskly transacted as well, rising S$0.015 or 3.3 per cent to S$0.47.
Index counter Singtel shed S$0.02 or 0.7 per cent to S$2.83.
The local banks were mixed in early trade, with UOB being the sole gainer at S$32.55, up S$0.05 or 0.2 per cent. DBS lost S$0.07 or 0.2 per cent to S$37.35, and OCBC dipped S$0.04 or 0.3 per cent to S$14.96.
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Wall Street indices closed stronger on Friday, as new data showing US labour market weakness boosted expectations for interest rate cuts as early as September. The Dow Jones Industrial Average rose 0.2 per cent to close at 39,375.87. The S&P 500 gained 0.5 per cent to 5,567.19 and the Nasdaq Composite advanced 0.9 per cent to 18,352.76.
European shares ended last week in the red, weighed by losses in banks and energy stocks as investors became more cautious ahead of the second round of voting in French parliamentary elections. The pan-European Stoxx 600 index ended Friday 0.2 per cent lower at 516.6.
