Singapore stocks open flat on Friday as US stocks fall and Europe stocks gain

SINGAPORE: Singapore stocks opened flat on Friday, Aug 23, following a decline in US indices and an overnight rise in Europe’s main stock index.

The Straits Times Index (STI) saw a slight uptick, gaining just 0.03 points to reach 3,373.61 by 9:01 a.m, as reported by The Business Times.

In the broader market, 51 stocks declined while 47 stocks recorded gains, with 34.3 million securities worth S$38.9 million traded.

Medtecs International was the most actively traded stock by volume. The healthcare services provider’s shares increased by 5.6%, or S$0.008, to S$0.152, with 6.2 million shares traded. Other heavily traded stocks included Thai Beverage, which remained steady at S$0.50, with 4.4 million shares traded. Singtel also saw significant trading activity, with its shares rising 0.3%, or S$0.01, to S$2.96, with 3.4 million shares exchanged.

Singapore’s three major banks had a mixed start to the day. DBS shares dip by 0.2%, or S$0.06, to S$35.49. United Overseas Bank (UOB) also experienced a slight decline, down 0.03%, or S$0.01, to S$30.55. Meanwhile, Oversea-Chinese Banking Corporation (OCBC) bucked the trend, gaining 0.1%, or S$0.01, to S$14.28.

In the US, technology stocks drove the market down on Thursday, as investors reassessed recent equity gains and anticipated potential interest rate cuts by the Federal Reserve.

The Dow Jones Industrial Average fell by 0.4% to 40,712.78. The S&P 500 dropped by 0.9% to 5,570.64. The tech-heavy Nasdaq Composite Index saw the sharpest decline, falling 1.7% to 17,619.35.

Meanwhile, European markets posted gains, driven by healthcare and retail stocks, and lifted by optimism over possible interest rate cuts from major central banks. The pan-European Stoxx 600 index rose by 0.4% to close at 515.74, its highest level this month. /TISG

Read also: Singapore stocks dip on Thursday—STI dropped by 0.3%

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