Singapore stocks fell on Monday—STI dropped 2.5%

SINGAPORE: Singapore stocks fell on Monday, Aug 5, influenced by a slump on Wall Street following a poor jobs report from the United States. The Straits Times Index (STI) dropped 2.5%, or 85.57 points, to 3,295.88 by 9:01 am, as reported by The Business Times.

In the broader market, there were 119 losers and 18 gainers after 56 million securities worth S$89.1 million were traded.

Genting Singapore was among the most actively traded stocks, which saw 4.7 million securities move and fell 1.8%, or S$0.015, to S$0.825. Seatrium also saw heavy trading, with its shares dropping 2.7%, or S$0.04, to S$1.45.

Another notable mover was Marco Polo Marine, which traded 5.4% lower at S$0.053.

Banking stocks were not immune to the downturn. DBS saw a significant drop of 4.1%, or S$1.45, bringing its share price to S$33.86. UOB dropped 3.7%, or S$1.18, to S$30.65, while OCBC decreased by 2.8%, or S$0.41, to S$14.39.

Wall Street stocks declined after the US market was shaken by a weak jobs report, which heightened concerns about a potential recession. 

The Dow Jones Industrial Average closed at 39,737.26, down 1.5% for the day and 2.1% for the week. The S&P 500 declined by 1.8%, or 100.12 points, to 5,346.56. The Nasdaq Composite Index fell by 2.4%, or 417.94 points, to 16,776.16.

European markets mirrored the negative sentiment. The pan-European Stoxx 600 index fell by 2.7%, closing at 497.85 points. Most of the sub-indexes within Europe also traded lower, with the technology sector suffering a 6.1% drop. /TISG

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

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