SINGAPORE equities retreated on Thursday (Aug 8) as shares of DBS declined, after the bank announced its chief executive Piyush Gupta would be stepping down upon retiring at the next annual general meeting on Mar 28, 2025.
Jefferies analysts commented that the announcement is expected to trigger “a modestly negative” initial share price reaction given Gupta’s strong track record at DBS, but an internal candidate should ease concerns on strategy continuity.
DBS declined 0.8 per cent or S$0.27 to S$33.38.
As at 9.01 am, the Straits Times Index (STI) fell 0.2 per cent or 6.38 points to 3,243.34. Across the broader market, losers outnumbered gainers 76 to 50 after 40.7 million securities worth S$65.3 million changed hands.
The most actively traded counter by volume was CapitaLand Integrated Commercial Trust with about 3.3 million units exchanged. The counter advanced 1.5 per cent or S$0.03 to S$2.10.
Singtel shares were briskly transacted as well, falling 0.7 per cent or S$0.02 to $2.88. Genting Singapore securities also changed hands quickly, opening 1.3 per cent or S$0.01 higher at S$0.805.
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The other banking stocks were muted at the opening bell. UOB shares remained flat at S$29.84, and OCBC securities were muted at S$14.07.
Wall Street finished lower on Wednesday after an early rally petered out, in a sign of lingering unease after recent equity market weakness.
The tech-rich Nasdaq Composite Index shed 1.1 per cent to 16,195.81. The broad-based S&P 500 dropped 0.8 per cent to 5,199.5, while the Dow Jones Industrial Average finished down 0.6 per cent at 38,763.45.
A strong comeback by banks on Wednesday helped Europe’s main stock index log its biggest one-day gain since November. This comes even as the continent’s largest company by market cap Novo Nordisk slid after trimming its full-year profit outlook.
The pan-European Stoxx 600 closed 1.5 per cent higher or 7.52 points at 495.96, but remained below the key 500-point mark following the recent selloff sparked by US recession fears.
