Singapore stocks open lower on Friday—STI fell by 1%

SINGAPORE: Singapore stocks opened lower on Friday, August 2, following losses in global markets from the night before. The Straits Times Index (STI) fell by 1%, dropping 32.73 points to 3,387.11 by 9:01 am, The Business Times reports.

In the broader market, 107 losers outweighed 28 gainers after 59.8 million securities worth S$106.8 million were traded.

Seatrium was the most actively traded stock by volume, which saw a decrease of 3% or S$0.05 to S$1.63, with 4.6 million shares traded. Other notable movers included CapitaLand Integrated Commercial Trust, which dropped 0.9% or S$0.02 to S$2.12.

Suntec Real Estate Investment Trust also retreated by 0.8% or S$0.01 to S$1.20.

Banking stocks were not spared from the downturn. DBS dropped 1.6% or S$0.58 to S$35.40. OCBC slipped by 0.5% or S$0.08 to S$14.74, while UOB fell by 0.4% or S$0.13 to S$31.91.

In the US, stocks fell on Thursday. Weak manufacturing data raised concerns about the US economy, leading to a decline in major indices. The Dow Jones Industrial Average dropped by 1.2% to 40,347.97.

The S&P 500 decreased by 1.4% to 5,446.68. The tech-heavy Nasdaq Composite Index fell more sharply, losing 2.3% to settle at 17,194.14.

In Europe, shares dropped as banks led the sell-off after Societe Generale lowered its target for its French retail division and the Bank of England cut interest rates. The pan-European Stoxx 600 index fell by 1.2%, closing at 511.83. /TISG

Read also: Singapore shares open lower on Thursday—STI dropped 0.4%

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