Singapore stocks declined at the start of Wednesday trading—STI dropped by 0.5%

SINGAPORE: Singapore stocks declined at the start of Wednesday trading, Sept 18, despite a positive trend in global equities overnight.

The Straits Times Index (STI) dropped by 0.5%, or 17.29 points, to 3,576.13 by 9:01 am, as reported by The Business Times. In the broader market, 62 losers outpaced 52 gainers after 46.4 million securities valued at S$75 million were traded.

Trans-China Automotive had the highest trading volume, with its shares jumping 10.2%, rising by S$0.007 to S$0.076 after six million shares changed hands. CapitaLand Integrated Commercial Trust also saw significant trading, though its shares fell by 0.9%, or S$0.02, to S$2.14.

Meanwhile, Yangzijiang Financial traded flat, with no change in its share price at S$0.345.

The banking sector also experienced a downturn in early trade. DBS Bank dropped by 0.8%, or S$0.32, to S$37.68. OCBC Bank followed suit, slipping by 0.3%, or S$0.04, to S$15.24. UOB also saw a decline, losing 0.5%, or S$0.17, to trade at S$32.38.

On Wall Street, the previous day ended relatively unchanged after a choppy session, as investors processed a better-than-hoped retail sales report ahead of the Federal Reserve's upcoming decision on interest rates.

The Dow Jones Industrial Average edged down by less than 0.1%, closing at 41,606.18. The S&P 500 saw a minor gain of less than 0.1%, ending at 5,634.58, while the Nasdaq Composite Index rose by 0.2% to 17,628.06.

In Europe, stocks hit their highest closing level in two weeks on Tuesday, as markets stayed optimistic about the possibility of the Fed making a larger-than-expected interest rate cut later this week. The pan-European Stoxx 600 index gained 0.4%, closing at 517.19. /TISG

Read also: Singapore stocks rose on Tuesday’s open—STI climbed by 0.2%

Featured image by Depositphotos