SINGAPORE shares opened in the red on Thursday (Dec 19), tracking broader losses in Asia after the US Federal Reserve signalled fewer interest rate cuts next year.
As at 9.01 am, the Straits Times Index (STI) fell 0.9 per cent or 34.69 points to 3,744.93. Across the broader market, losers outnumbered gainers 140 to 24 after 74.4 million securities worth S$94.4 million were transacted.
Singapore Post was among the most heavily traded counters, shedding 1.8 per cent or S$0.01 to S$0.555, with 4.5 million shares changing hands.
Shares of Genting Singapore were also actively traded, with 3.1 million shares transacted while prices were unchanged at S$0.76.
The three banks fell in early trade – DBS lost 0.6 per cent or S$0.27 to S$43.10, OCBC was down 1.1 per cent or S$0.18 at S$16.65, while UOB was 1.8 per cent or S$0.64 lower at S$35.81.
Broader Asian equity markets were also lower – Japan’s Nikkei 225 slid 1 per cent to 38,703.34, while Australia’s ASX 200 dropped 1.8 per cent to 8,157.5 points.
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US stocks tumbled on Wednesday after the Fed lowered interest rates, but also slashed the number of 2025 rate cuts in its forecast.
All three major indices finished firmly lower after the Fed projected just two rate cuts next year, down from four.
The Dow slid 2.6 per cent, or more than 1,100 points, to 42,326.87. The broad-based S&P 500 dropped 3 per cent to 5,872.16, while the tech-rich Nasdaq Composite Index slumped 3.6 per cent to 19,392.69.
In Europe, markets closed higher, boosted by technology stocks and French automaker Renault.
The pan-European Stoxx 600 closed 0.2 per cent up at 514.43 points, snapping a four-day losing streak, with technology outperforming, up 1.1 per cent.
