Singapore stocks open lower on Thursday; STI down 0.1%

SINGAPORE shares opened lower on Thursday (Dec 12), following declines in the key banking counters after mild inflation data fueled expectations of a US interest cut this month.

As at 9.01 am, the Straits Times Index (STI) was down 0.1 per cent or 5.01 points at 3,787.81. Across the broader market, gainers outnumbered losers 74 to 32, after 106.5 million securities worth S$79.3 million changed hands.

Marco Polo Marine was among the most heavily traded stocks, with 4.3 million shares transacted. The marine logistic company rose 1.9 per cent or S$0.001 to S$0.055. The counter has gained 1.8 per cent in the past five trading days, after data showed its executive director and CEO Sean Lee acquired two million shares at S$0.053 per share on Dec 4.

Thai Beverage was also actively traded, with 3.4 million shares changing hands. It remained flat at S$0.575.

The three local banks started the day in red. DBS dropped 1 per cent or S$0.43 to S$43.25, UOB fell 0.9 per cent or S$0.33 to S$36.77, and OCBC was down 0.1 per cent or S$0.01 at S$16.62.

Overnight on Wall Street, US equities closed mostly higher. The S&P 500 rose 0.8 per cent to 6,084.19 and the Nasdaq Composite Index jumped 1.8 per cent to a new high of 20,034.9. The latter buoyed by a strong showing for tech that lifted Amazon.com and Meta Platforms to fresh records. 

Google’s parent Alphabet also rose, after it unveiled a breakthrough in quantum computing.

The Dow Jones Industrial Average was the only loser, dropping 0.2 per cent to end at 44,148.56.

In Europe, markets pared earlier losses after the benign US inflation data boost hopes that the Federal Reserve will cut rates next week. The pan-European Stoxx 600 closed 0.3 per cent higher at 519.95 points. It had fallen prior to the data’s release, dragged by declines in French equities as investors worried about the fragile government’s ability to push through its budget.