SINGAPORE shares opened lower on Thursday (Aug 1) morning, despite US and Europe indices rallying overnight.
The Straits Times Index (STI) fell 0.4 per cent or 12.45 points to 3,443.49 as at 9.01 am. Across the broader market, gainers outnumbered losers 74 to 44, after 59.4 million securities worth S$94.1 million changed hands.
Agri-food company Japfa was the most actively traded counter by volume, gaining 9.1 per cent or S$0.03 to S$0.36 with 6.3 million shares transacted. On Wednesday, it reported a net profit of US$51.7 million for the first half of FY2024, back in the black from a net loss of US$53.6 million in the corresponding period the year before.
Other heavily traded securities included offshore and marine specialist Seatrium, which advanced 2.4 per cent or S$0.04 to S$1.72 with 3.3 million shares traded, as well as index counter Singtel, which lost 3.6 per cent or S$0.11 to S$2.97 with 3.2 million shares changing hands.
The three local banks traded mixed at Thursday’s open. As at 9.02 am, DBS slid 0.1 per cent or S$0.02 to S$36.57. OCBC increased 0.7 per cent or S$0.10 to S$14.95, while UOB traded 0.6 per cent or S$0.18 higher at S$32.53.
This came after UOB announced on Thursday a 1 per cent rise in Q2 net profit to S$1.43 billion due to double-digit fee income growth and lower credit allowances. The bank also declared a dividend of S$0.88 per share for the half year ended Jun 30.
Wall Street stocks rallied on Wednesday after the US Federal Reserve signalled it could cut interest rates as soon as September, with tech shares leading the way. The tech-rich Nasdaq Composite Index led major indices, rising 2.6 per cent to finish at 17,599.4. The Dow Jones Industrial Average climbed 0.2 per cent to 40,842.79, while the broad-based S&P 500 advanced 1.6 per cent to 5,522.3.
In Europe, shares gained on Wednesday after heavyweight ASML jumped and a slate of positive earnings aided gains. The pan-European Stoxx 600 index finished 0.8 per cent higher at 518.18, touching an over two-week high earlier in the session, and clocking a monthly advance of more than 1 per cent.
