Singapore stocks fell as trading began on Wednesday—STI dropped 0.7%
Depositphotos/tang90246
Photo: Depositphotos/tang90246
SINGAPORE: Singapore stocks fell as trading began on Wednesday, Nov 13, mirroring losses in global markets.
The Straits Times Index (STI) dropped 0.7%, down 24.31 points to 3,687.17 by 9:02 am, as reported by The Business Times.
In the broader market, 78 stocks fell compared to 43 that advanced, with 47.8 million securities valued at S$89.5 million traded.
Genting Singapore led the trading volume, slipping 0.6% or S$0.005 to S$0.78 with 8.4 million shares traded.
Frasers Logistics & Commercial Trust also saw high trading activity, falling 3% or S$0.03 to S$0.97 at market opening.
Singtel shares were actively traded but remained steady at S$3.16 after the group reported a 42.4% year-on-year (YoY) drop in first-half net profit to S$1.23 billion.
Singapore banking stocks also dropped in the morning trade. DBS fell 0.7% or S$0.30 to S$42.04, UOB lost 1.4% or S$0.49 to S$35.04, and OCBC dipped 0.6% or S$0.09 to S$16.08.
After gains following the election, Wall Street stocks dropped on Tuesday.
The Dow Jones Industrial Average declined 0.9% to 43,910.98. The S&P 500 dropped 0.3% to 5,983.99, while the tech-heavy Nasdaq Composite Index edged down 0.1% to 19,281.4.
In Europe, stocks also fell due to concerns over US-China relations and weaker corporate earnings. The Stoxx 600 recorded its sharpest single-day drop since early August, sliding 2% to close at 502.23. /TISG
Read also: Singapore stocks dipped on Tuesday morning—STI slipped by 0.2%
Featured image by Depositphotos
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Mary Alavanza
Contributing writer at The Independent Singapore