Singapore Stocks Dip 0.7% at Friday's Opening as Key Economic Updates Impact Market

15 Oct, 2023

Singapore Stocks Dip 0.7% at Friday's Opening as Key Economic Updates Impact Market

Singapore stocks opened lower on Friday, October 13, in response to key economic updates. Singapore's economy saw a 0.7% year-on-year growth for the third quarter of 2023. Furthermore, the Monetary Authority of Singapore, prior to the start of trading, announced its decision to maintain unchanged monetary policy settings for October, with plans to transition to a Transitioning to a quarterly schedule for monetary policy statements commencing in 2024.

As of 9:01 a.m., the Straits Times Index (STI) was down by 0.7%, translating to a 23.47-point decline to 3,195.22. In the market, there were 79 losers compared to 23 gainers, with a total of 34.6 million securities valued at S$53.5 million changing hands.

Among the actively traded stocks, Thai Beverage saw an increase of 0.9%, or S$0.005, to S$0.555, with 5.9 million shares traded. Index counters Singtel and Genting Singapore also experienced brisk trading. Singtel, a telecommunications provider, saw a 1.7% drop, or S$0.04, to S$2.39, while Genting Singapore, an integrated resort operator, experienced a 0.6% decline, or S$0.005, to S$0.845.

Singapore's three major banks faced losses in early trading. UOB decreased by 0.8%, or S$0.23, to S$28.46, DBS lost 0.7%, or S$0.22, ending at S$33.78, and OCBC was down by 0.6%, or S$0.08, to S$13.

On the global front, Wall Street closed in the red on Thursday as concerns about prolonged higher interest rates emerged following a steady inflation print. The Dow Jones Industrial Average dropped 0.5% to close at 33,631.14. The S&P 500, a broad-based index, fell by 0.6%, ending at 4,349.61, while the tech-heavy Nasdaq Composite Index also declined by the same percentage, concluding the trading day at 13,574.22.

In Europe, stocks initially saw gains on Thursday, reaching a three-week high but later pared back. The pan-European Stoxx 600 index ultimately closed with a modest 0.1% increase, settling at 453.63.