SINGAPORE shares were little changed on Tuesday (Aug 27) morning after previously ending higher on Federal Reserve chair Jerome Powell’s Jackson Hole comments signalling a September rate cut.
As at 9.01am, the Straits Times Index (STI) was down slightly by 0.28, or 0.01 per cent to 3,395.75. Across the broader market, losers outnumbered gainers 60 to 48 after 36.6 million securities worth S$32.2 million changed hands.
Silverlake Axis was the top-traded counter of the morning in terms of volume, gaining S$0.065 or 21.7 per cent with 6.7 million securities traded.
After calling for a trading halt on Monday morning, the enterprise technology company announced it received a voluntary unconditional offer to go private at S$0.36 per share in cash. Alternatively, shareholders may choose to receive a combination of cash and redeemable preference shares.
Index counter Genting Singapore was briskly transacted as well, falling S$0.005 or 0.6 per cent to S$0.81 in early trade. Shares of RH PetroGas climbed S$0.007 or 4.5 per cent to S$0.162.
The local banks were mixed at the open, with DBS being the sole gainer upon rising S$0.08 or 0.2 per cent to S$35.89. OCBC edged down S$0.01 or 0.1 per cent to S$14.42, and UOB shed S$0.03 or 0.1 per cent to S$30.93.
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Wall Street equities finished Monday mixed after the Fed policymaker came out in favour of starting interest rate cuts.
The Dow Jones Industrial Average closed up 0.2 per cent at 41,240.52. The S&P 500 fell 0.3 per cent to 5,616.84, while the tech-rich Nasdaq Composite lost 0.9 per cent, closing at 17,725.76.
In Europe, shares ended broadly flat amid quiet trading on Monday, as semiconductor stocks led the technology sector lower ahead of several key economic data releases this week.
The Stoxx 600 closed relatively unchanged at 518.05.
