Singapore stocks fell as trading began on Friday—STI dropped by 0.8%

SINGAPORE: Singapore stocks fell as trading began on Friday (Nov 1) following losses in global markets.

The Straits Times Index (STI) dropped by 0.8%, or 28.72 points, to 3,530.16 by 9:01 am, as reported by The Business Times.

In the broader market, declines outpaced gains, with 83 stocks down compared to 50 on the rise. A total of 117.9 million securities worth S$193.3 million were traded.

Leading in trading volume was Thai Beverage, which was down 4.7% to S$0.505 after 21.7 million shares were traded. Resort operator Genting Singapore increased slightly by 0.6%, up S$0.005 to S$0.84, while Singtel retreated 6.1%, losing S$0.19 to S$2.94.

The banking sector was also down. DBS fell 0.03%, or S$0.01, to S$38.65, while UOB saw a 0.6% decline, down S$0.20 to S$31.96. OCBC slid 0.2%, losing S$0.03 to reach S$15.16. 

US stocks ended lower on Thursday, weighed down largely by technology stocks. The Dow Jones Industrial Average closed 0.9% lower at 41,763.46, while the S&P 500 lost 1.9% to settle at 5,705.45.

The tech-heavy Nasdaq Composite Index dropped the most, falling 2.8% to 18,095.15, as many tech giants saw sell-offs after Microsoft and Meta reported earnings that raised concerns over the costs of advancing artificial intelligence. Apple and Amazon also declined ahead of their own earnings, following significant drops by Microsoft and Meta.

In Europe, shares were similarly down, with the pan-European Stoxx 600 index dropping 1.2% to 505.39, its lowest since mid-August.

The index marked its sharpest monthly decline in a year, driven by weak corporate earnings and investor caution as they await clearer signals on macroeconomic trends and the outcome of the US election. The Stoxx 600 fell 3.4% over the month, with the technology and real estate sectors experiencing the steepest losses in the sell-off. /TISG

Read also: Singapore shares edged down on Wednesday morning—STI fell by 0.1%

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