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Mon 07 Sep 2020-9: 47 am
SINGAPORE shares fell when trading began earlier in the week, with the Straits Times Index (STI) falling 4.51 points or 0.2 percent to 2,505.13 at 9.01am.
This comes after a pullback in US tech stocks spooked Asian markets on Friday, and US stocks fell the most in nearly three months.
On the Singapore Stock Exchange, those who fell outnumbered those who advanced 58 to 49, after 33.6 million stocks worth S $ 45.4 million changed hands.
Among the indexed securities, the most traded by volume was Thai Beverage, which was stable at 60.5 Singapore cents with 2.4 million shares traded.
Financial stocks fell mainly in early trading. DBS lost S $ 0.13 or 0.6 percent to S $ 20.55, UOB lost S $ 0.04 or 0.2 percent to S $ 19.41, while OCBC was flat at 8.56 Singapore dollars. The trio of local lenders averaged 4.2 percent in total returns in August this year, beating the average total return of the top quartile of global banking stocks by market value, according to the Singapore Stock Exchange (SGX) market update on Friday. .
Other active stocks included Medtecs International, which rose 0.04 Singapore dollars or 2.9 percent to 1.42 Singapore dollars on an accrued dividend basis, while Synagie gained 0.5 Singapore cents or 2.2 percent. at 23.5 cents.
CapitaLand Mall Trust (CMT) added S $ 0.02 or 1 percent to S $ 1.95. This comes after CMT and CapitaLand Commercial Trust managers announced on Friday sweeteners of agreement for their proposed merger, such as further backlog in their respective unit distribution, and the CMT manager’s decision to waive the fee entirely. acquisition of S $ 111.2 million.
Meanwhile, Keppel Corp lost S $ 0.04 or 0.9% to S $ 4.32, while SGX fell S $ 0.07 or 0.8% to S $ 8.61.
On Wall Street, US stocks closed lower on Friday, and tech stocks fell in an ongoing sell-off. At the closing bell, the Dow Jones Industrial Average lost 0.6 percent to end the week at 28,133.31, while the broad-based S&P 500 fell 0.8 percent to 3,426.96.
The technology-rich Nasdaq Composite Index fell 1.3% to end at 11,313.13, adding to losses from Thursday’s 5% drop. US markets are closed on Monday for Labor Day.
European stocks closed lower in a wild trading session on Friday as tech stocks posted losses on Wall Street, while merger talks between two Spanish lenders propped up the banking index.
The pan-European Stoxx 600 Index closed 1.1 percent lower after fluctuating between gains and losses, while it also lost about 1.9 percent last week in a two-day tech loss.
In other parts of Asia, Tokyo shares opened lower on Monday. The Nikkei 225 Index fell 0.3 percent or 74.28 points to 23,131.15 in early trading, while the broader Topix Index lost 0.3 percent or 4.39 points to 1,612.21.
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