Singapore shares open lower on Thursday; STI down 0.1%

SINGAPORE equities began Thursday (Feb 13) in negative territory, following mixed performance overnight in the US and Europe.

As at 9.01 am, the Straits Times Index (STI) fell 4.98 points or 0.1 per cent to 3,869.64.

Across the broader market, losers equalled gainers at 53 after 52.1 million securities worth S$57.8 million changed hands.

Offshore and marine company Seatrium was the most actively traded counter in terms of volume. It rose 1.3 per cent or S$0.03 to S$2.33 after 4.2 million shares were moved.

Other actively traded counters included Catalist-listed Tritech Group, which was up 25 per cent or S$0.002 at S$0.01. Meanwhile, water treatment company Memiontec fell 21.6 per cent or S$0.011 to S$0.04.

Local banking stocks were up at the open. DBS rose 0.02 per cent or S$0.01 to S$44.97, OCBC was up 0.1 per cent or S$0.01 at S$17.31, and UOB climbed 0.2 per cent or S$0.06 to S$37.56.

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Wall Street stocks mostly fell on Wednesday, following US inflation data that further clouded the prospects for additional rate cuts by the Federal Reserve.

The Dow Jones Industrial Average finished down 0.5 per cent at 44,368.56, and the broad-based S&P 500 index closed 0.3 per cent lower at 6,051.97. The tech-rich Nasdaq Composite Index, however, edged up 0.03 per cent to 19,649.95.

In Europe, shares eked out an all-time high on Wednesday, as investors cheered earnings reports from Heineken and ABN Amro, despite prevailing caution around US inflation data and trade policies.

The pan-European Stoxx 600 index settled a choppy session up 0.1 per cent at 547.78.