Singapore stocks open lower on Wednesday—STI dropped by 0.1%

SINGAPORE: Singapore stocks opened lower on Wednesday, May 29, following mixed results from US markets overnight.

The Business Times reported that the Straits Times Index (STI) dropped by 0.1%, losing 3.37 points at 3,326.72 by 9:02 am. In the broader market, 55 stocks fell and 48 gained, while 51.2 million securities worth S$77 million changed hands.

Thai Beverage led the pack among the most actively traded stocks by volume. The beverage giant saw its shares rise by 1%, or S$0.005, to S$0.51, with 4.8 million shares exchanged.

CapitaLand Integrated Commercial Trust also saw significant activity, trading flat at S$1.97 with 4.5 million units transacted. Meanwhile, Singtel’s shares stayed steady at S$2.46, with 2.5 million shares traded.

Banking stocks showed mixed results in early trading. DBS Group Holdings remained unchanged at S$35.78.

United Overseas Bank (UOB) edged up by 0.5%, or S$0.15, to S$30.69, while Oversea-Chinese Banking Corporation (OCBC) fell by 0.6%, or S$0.08, to S$14.42.

The movements in the Singapore market followed a night of mixed outcomes on Wall Street. The Nasdaq Composite Index continued its rise, gaining 99.09 points, or 0.6%, to reach a new record high of 17,019.88.

The S&P 500 slightly increased by 1.32 points, or 0.02%, to 5,306.04. In contrast, the Dow Jones Industrial Average fell by 216.73 points, or 0.6%, closing at 38,852.86, as Treasury yields rose.

In Europe, the pan-European Stoxx 600 index experienced its largest single-day drop in a month, falling by 0.6% on Tuesday. /TISG

Read also: Singapore shares opened stronger on Tuesday—STI rose by 0.3%

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