Singapore stocks declined on Friday’s open—STI dropped 0.1%

SINGAPORE: Singapore stocks opened lower on Friday (Sept 20), despite an upbeat performance in global markets the previous day.

The Straits Times Index (STI) dropped 0.1%, or 4.72 points, to 3,628.46 by 9:03 am, reported The Business Times.

In the broader market, 69 stocks gained while 57 fell, after a total of 60.5 million shares valued at S$98.1 million were traded.

Offshore and marine company Seatrium led in trading volume. Its shares increased by 0.6%, or S$0.01, to S$1.75, with 4.9 million shares exchanged. Resort and casino operator Genting Singapore, despite heavy trading, traded flat at S$0.855. Meanwhile, Jadason Enterprises jumped by 11.8%, or S$0.002, to S$0.019.

Banking stocks had a mixed start. DBS increased 0.5%, or S$0.20, to S$38.70. UOB fell by 0.1%, or S$0.03, to S$32.70, while OCBC dropped 0.3%, or S$0.04, to S$15.42.

On Wall Street, stocks closed higher on Thursday after the US Federal Reserve cut interest rates to support the labour market. The Dow Jones climbed 1.3%, closing at 42,025.19, its first close above 42,000. The S&P 500 also reached an all-time high, rising 1.7% to 5,713.64, while the tech-heavy Nasdaq Composite Index climbed 2.5% to 18,013.98.

In Europe, stocks also rose following the Fed’s 50 basis point rate cut, which eased concerns about a potential economic slowdown. The Stoxx 600 index rose 1.4% to 521.67. /TISG

Read also: Singapore stocks opened with little change on Thursday—STI rose by 0.02%

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