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Thursday, November 26, 2020-9: 41 am
SINGAPORE shares fell at the open on Thursday, following a mixed close on Wall Street overnight on disappointing economic data from the United States.
The worst performance also comes after local stocks ended in the red on Wednesday, when investor optimism waned.
On Thursday, the benchmark Straits Times Index (STI) fell 18.34 points, or 0.6 percent, to 2,851.21 at 9.01 a.m. M.
The winners outnumbered the losers 69 to 47, after some 74.5 million securities worth S $ 49.1 million changed hands.
Among indexed stocks, the most traded by volume was Thai Beverage Public Co, which added 1.5 Singapore cents or 2.1 percent to 73.5 cents, with 2.9 million shares traded. The motherboard-listed company posted a 2 percent drop in full-year net profit on Wednesday to 22.75 billion baht ($ 1 billion), dragged down by the overall contraction in the beverage industry. due to Covid-19 prevention measures.
Meanwhile, local telecommunications company Singtel plunged S $ 0.07 or 2.8 percent to S $ 2.41, with 2.1 million shares traded without dividends.
The trio of local moneylenders was downsized in the first deals. DBS fell S $ 0.20 or 0.8 percent to S $ 25.48, OCBC lost S $ 0.12 or 1.2 percent to S $ 10.01, while UOB fell S $ 0.20 or 0.9 percent at Singapore $ 23.04.
In a research note earlier this week, Maybank Kim Eng noted that the recent surge in OCBC, UOB and DBS shares may be “unsustainable” and downgraded all three to “sell.”
Separately, UOB sold Singapore’s first negative yield bond, and market watchers say it won’t be the last of Singapore’s banks.
Other active stocks included Rex International, which rose 0.8 Singapore cents or 5.2 percent to 16.3 Singapore cents, while CapitaLand Retail China Trust fell 0.02 Singapore dollars or 1.6 percent to 1. , 25 Singapore dollars.
In the US, Wall Street stocks had a mixed ending, with the Dow Jones Industrial Average taking a breather, a day after crossing the 30,000 mark for the first time, while the Nasdaq closed at a new maximum.
The technology-rich Nasdaq Composite Index was up 0.5 percent to 12,094.40 as the closing bell rang. Amid news of mounting US layoffs, the 30-share Dow lost 0.6 percent to 29,872.47, while the broad S&P 500 lost 0.2 percent to close at 3,629.65.
European stocks closed lower on Wednesday, ending a four-day winning streak as traders posted gains and mounting coronavirus cases limited demand for risky assets. The pan-European Stoxx 600 Index fell 0.1%, with energy and auto stocks leading the declines.
Elsewhere in Asia, Tokyo stocks opened lower on Thursday, and the market lacks any new leads. The benchmark Nikkei 225 index was down 0.1 percent or 30.16 points to 26,266.70 in early trading, while the broader Topix index was down 0.4 percent or 7.11 points to 1,760.56 .
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