Singapore stocks open lower on Monday; STI down 0.1%

SINGAPORE stocks opened on a lacklustre note on Monday (May 13) despite modest gains on Wall Street.

Singapore’s Straits Times Index (STI) headed down 0.1 per cent or 3.05 points to 3,287.65 as at 9.02 am. Across the broader market, losers outnumbered gainers 66 to 57 after 53.9 million securities worth S$54.8 million changed hands.

The most active counter by volume was Marco Polo Marine : 5LY 0%, which rose 1.4 per cent or S$0.001 to S$0.071 with 17.3 million shares changing hands. The company posted a 159.4 per cent rise in its first half-year net profit, before the market opened. Genting Singapore : G13 0%, which reported impressive earnings on Friday, gained 4.5 per cent or S$0.04 at S$0.925 with 12 million shares traded. Thai Beverage : Y92 0% was also briskly traded; it lost 2 per cent or S$0.01 at S$0.48 with 5.5 million shares transacted.

Banking stocks traded muted on Monday morning. OCBC : O39 0%was flat at S$14.12, while DBS : D05 0%lost 0.2 per cent or S$0.08 at S$35.32. UOB : U11 0%was trading flat at S$30.34.

US stocks closed on Friday with modest gains as investors looked forward to crucial inflation data this week. The broad-based S&P 500 gained 8.6 points, or 0.2 per cent, to end at 5,222.68, while the tech-rich Nasdaq Composite lost 5.4 points, or 0.03 per cent, to 16,340.87. The Dow Jones Industrial Average rose 125.08 points, or 0.3 per cent, to close at 39,512.84.

Over in Europe, the main stock index registered a record high amid rate cuts hopes. The pan-European Stoxx 600 ended 0.8 per cent higher at 520.76, with indices in major economies Germany and France finishing at record highs.