Notable real estate investment trusts which are among the most actively traded counters fall in early trade
[SINGAPORE] Singapore stocks opened weaker on Thursday (May 8) following the overnight announcement by the US Federal Reserve that it will be holding rates steady.
While Fed chair Jerome Powell noted that the economy on a whole had “continued to expand at a solid pace”, risks of higher inflation and unemployment had risen, which cloud the economic outlook further as the US central bank grapples with the impact of Trump administration tariff policies.
Shortly after the market opened, the Straits Times Index (STI) was trading 0.2 per cent or 6.37 points lower at 3,859. Across the broader market, losers outnumbered gainers 104 to 33 after 80.4 million securities worth S$162 million changed hands.
Notable real estate investment trusts which were among the most actively traded counters were down in early trade. These include Mapletree Logistics Trust falling 3.5 per cent or S$0.04 to S$1.09, and CapitaLand Integrated Commercial Trust dropping 2.4 per cent or S$0.05 to S$2.05 after 7.7 million securities worth S$15.9 million changed hands.
Mapletree Pan Asia Commercial Trust fell 0.8 per cent or S$0.01 to S$1.19 in the morning.
The trio of local banks were mixed at the open. DBS rose 1.4 per cent or S$0.61 to S$43.37. UOB was up 0.4 per cent or S$0.13 at S$34.62. Meanwhile, OCBC was down 0.1 per cent or S$0.02 at S$16.25.
Asia markets were also mixed at the open, where the Nikkei 225 in Japan ticked down 0.1 per cent in early trade, while South Korea’s Kospi inched up 0.3 per cent.
At a press conference following the Federal Open Market Committee meeting, Powell said that “despite heightened uncertainty, the economy is still in a solid position”.
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