Singapore shares open lower following Wall Street plunge; STI down 0.1%

$DBS Group Holdings (D05.SG)$ $OCBC Bank (O39.SG)$ $UOB (U11.SG)$
$FTSE Singapore Straits Time Index (.STI.SG)$ was down 0.1% or 39.76 points to 3209.77 as at 9 am. Losers outweighed gainers 148 to 19 after 75.36 million securities worth S$56.12 million shares changed hands.

The trio of local banks traded lower at Monday’s open. DBS was down 1.6% or S$0.52 to S$32.32, UOB lost 1.5% or S$0.42 to S$27.05, OCBC dipped 1.7% or S$0.21 to S$11.93.

Over in the US, Wall Street ended Friday with all 3 benchmark indices more than 3% lower, as Federal Reserve chief Jerome Powell’s signal that the central bank would keep hiking rates to tame inflation nixed nascent hopes for a more modest path among some investors.

The $S&P 500 Index (.SPX.US)$ lost 141.46 points or 3.4% to end at 4,057.66 points, while the $Nasdaq Composite Index (.IXIC.US)$ lost 497.56 points or 3.9% to 12,141.71. The Dow Jones Industrial Average fell 1,008.38 points, or 3%, to 32,283.40.