Singapore stocks open lower on Thursday; STI down 0.1%

SINGAPORE shares slumped at the opening bell on Thursday (Aug 29) after global equities ended mixed overnight.

The Straits Times Index (STI) was down 4.78 points or 0.1 per cent to 3,386.25 as at 9.01am. Across the broader market, losers outnumbered gainers 54 to 38 after 25.4 million securities worth S$40.1 million changed hands.

Index counters Singtel and Genting Singapore led trading activity in terms of volume.

The telecommunications giant gained S$0.01 or 0.3 per cent to S$2.94 with 4.6 million shares transacted, while the integrated resort operator fell S$0.005 or 0.6 per cent to S$0.785 with 2.4 million securities moved.

Shares of Trans-China Automotive Holdings were also actively traded at the open, with the automobile dealership group edging up S$0.005 or 6.9 per cent to S$0.078.

Local banks performed mixed in early trade. UOB was the sole gainer among the trio, rising S$0.06 or 0.2 per cent to S$30.92. DBS dipped S$0.01 but remained relatively flat at S$35.67, and OCBC lost S$0.04 or 0.3 per cent to S$14.36.

Wall Street indices ended Wednesday decidedly lower as traders looked ahead to earnings results from US chipmaker Nvidia after the closing bell.

The Dow Jones Industrial Average finished the day down 0.4 per cent at 41,091.42, and the S&P 500 fell 0.6 per cent to 5,592.18. The tech-rich Nasdaq Composite closed down more than 1.1 per cent at 17,556.03.

Europe’s stock market, on the other hand, finished Wednesday on a positive note as its benchmark stock index was lifted by insurance and chemical stocks.

The Stoxx 600 index rose 0.3 per cent to 520.6, its highest point since July.