Singapore shares open slightly lower on Silicon Valley Bank contagion fears
Singapore stocks opened slightly weaker on Monday (Mar 13), with banks opening in the red on contagion fears after the US regulators shut Silicon Valley Bank $SVB Financial (SIVB.US)$ to protect customer deposits.
On the Singapore bourse, $FTSE Singapore Straits Time Index (.STI.SG)$ headed down 0.2 per cent or 6.02 points to 3,171.41 as at 9.03 am. Losers outnumbered gainers 77 to 55, after 101.5 million securities worth S$92.2 million changed hands.
The most active counter by volume was $Seatrium (S51.SG)$ , which held steady at S$0.105 with 30.9 million shares changing hands.
Other heavily traded securities included $Golden Agri-Res (E5H.SG)$ which remained unchanged at S$0.285 with 11.4 million shares traded and $Polaris (5BI.SG)$ which was also flat at S$0.001 with 11.2 million shares traded.
Other active index counters included $Singtel (Z74.SG)$ which climbed 0.8 per cent or S$0.02 to S$2.38, and $CapLand Ascendas REIT (A17U.SG)$ , which opened 1.5 per cent or S$0.04 higher at S$2.73.
Most major indexes in the US fell on Friday. $Dow Jones Industrial Average (.DJI.US)$ declined 1.1 per cent to close at 31,898.86, $S&P 500 Index (.SPX.US)$ fell 1.5 per cent to 3,859.23, while $Nasdaq Composite Index (.IXIC.US)$ lost 1.9 per cent 11,122.58.
California bank regulators said they closed SVB Financial Group to protect deposits after the bank failed to shore up its balance sheet through a proposed stock sale. The matter is widely seen to be one of the largest bank failures since the financial crisis.
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YC Xiao : Lehman Brother's history repeated dated 2008. Old uncles aunties loss $billions.
IamArnold YC Xiao : this time uncles and aunties are safer, fund houses and startups are the big lossers i guess
102539156 Dan : Hk mkt n is futures r up.. sti still crawling??